Chapter 7
Me
Terms
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- credit
- anargement to recive cash,goods and srevice in the future
- apr
- how much credit you have on a yearly based
- line of credit
- is the max amount of money u borrow
- equity
- the value of what you own
- appraisal
- an estimate of the current value of the property
- simple interest
- is the interset computed only by principle
- debt collectors
- businesses that collects debt from creditors
- credit rating
- measure of a persons ability and willingness tomake paymentson time
- bankruptcy
- creditors take what you owe away from you and you are broke
- closed end credit
- u will pay back over a special time of payments of equal notes
- convential loan
- it is a fixed rate of interest
- open end credit
- you borrow money for a variety of goods and service
- creditor
- an entity to which money is owned
- amortization
- the balance of the loan is reduced every time you make the payment
- net income
- is the income you receive
- deed
- the official document tanferring ownership
- collateral
- is a form of payment in which you trade of what you have for what you want
- finance charge
- total dollar amount you pay due to use credit
- principal
- the amount that u borrowed
- interest
- periodic charge in exchange for the us of credit
- title insurance
- it is when no one can claim away your car
- consumer credit
- use of credit for personal needs dated back to colonial times
- arm
- a variablepayment mortage
- mmp
- is the smallest amount you can pay and remain a borrower in good standing
- cosigning
- a loan which someone signs with yu
- grace period
- a time period during which nothing will be added to your account
- indebtedness
- the condiction of being deeply in debt