An agreement to provide goods, services, or money for future payments with interest by a specific...

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Ch 7.1 & 7.2 Vocab

Transcript of An agreement to provide goods, services, or money for future payments with interest by a specific...

Page 1: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Ch 7.1 & 7.2 Vocab

Page 2: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Credit

An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Page 3: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Collateral

Something of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.

Page 4: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Comparison Shopping

The process of seeking information about products and services to find the best quality or utility at the best price.

Page 5: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Interest

Payments for the use of someone else’s money; usually expressed as an annual rate in terms of a percent of the principal (i.e., the amount owed).

Page 6: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Installment Credit

A loan repaid with a fixed number of equal payments.

Page 7: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Interest Rate

The percentage rate of interest charged to the borrower or paid to a lender, saver, or investor.

Page 8: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Loan Agreement

A type of contract between the borrower and the lender explaining the requirements of fulfilling the loan.

Page 9: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Mortgage

A long-term loan to buy real estate including land and the structures on it.

Page 10: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Secured Credit

Credit with collateral (i.e, a house or a car) for the lender.

Page 11: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Non-installment credit

Single-payment loans and loans that permit the borrower to make irregular payments and borrow additional funds without submitting a new credit application; also known as revolving or open-end credit.

Page 12: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Unsecured Credit

Credit without collateral, such as credit cards.

Page 13: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Ch 7.3 Vocab

Page 14: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Credit Bureau

An establishment that collects and distributes credit history information of individuals and businesses.

Page 15: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Credit History

A record of borrowing and repayments.

Page 16: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Credit report

An official record of a borrower’s credit history, including information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.

Page 17: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

Credit Scoring/Rating

A measure of credit worthiness based on an analysis of the consumer’s financial history, often computed as a numerical score, using the FICO or other scoring systems to analyze the consumer’s credit.

Page 18: An agreement to provide goods, services, or money for future payments with interest by a specific schedule; the use of someone else’s money for a fee.

FICO

The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the scoring model.


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