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College Prep

memorize.ai (lvl 286)

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39 cards

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Section 1

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contract

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (39)

Section 1

(39 cards)

contract

Front

legal agreement

Back

protection

Front

its easier to get refunds

Back

Investments

Front

Money put into an account intended for growth

Back

variable intrest rate

Front

rate that changes every month or year. as it goes up your payment will too

Back

identity theft

Front

a crime that occurs when a person steals your personal information and uses for self-gain

Back

shrewd

Front

sincere, happy to pay, room, extra cost,waiting cost, and discipline

Back

Amortization formula

Front

find out average payment amout each month

Back

fixed interest rate

Front

stays the same for the life of the loan or account

Back

collateral

Front

lenders consider what possessions you can use for collateral to make loans less risky for them

Back

Credit Score

Front

a number assigned to a person that indicates to lenders their capacity to repay a loan.

Back

credit history

Front

can help you qualify for deals loans credit cards and insurance

Back

Credit Report

Front

A detailed record of your personal credit and financial transactions

Back

special offers and perks

Front

loyalty to cards

Back

cosigner

Front

someone who promises to pay if the borrower fails to pay

Back

identity theft and fraud

Front

everytime you apply for a loan there is a chance someone will steal you information

Back

intrest

Front

usally a percentageof the principle, the higher it is the more you pay

Back

conditions

Front

lenders rules to lone you money

Back

installment credit

Front

the entire loan amount is paid to you at once

Back

spreding out payments

Front

most people arent able to my houses cars or pay for college

Back

legal actions

Front

it you cant make payments the lender can take it away

Back

capacity

Front

lenders want to make sure you have more money coming in than going out

Back

principal

Front

in exchange for your promise to repay the money later, usually with interest

Back

credit

Front

merly a tool to buy something now and pay later

Back

overwhelming debt

Front

monthly payments increase your fixed expenses.

Back

indentify fraud

Front

makes purchases on your name

Back

character

Front

a way for lenders to check ypur background

Back

cashloans

Front

pay the borrowed funds directly to you

Back

subprime borrower

Front

someone lenders see as a big credit risk

Back

Introductory APR

Front

a "teaser" rate for a short period to tempt you to borrow

Back

apr

Front

interest calculated to compare different borrowing options. includes fees and loans costs

Back

service credit

Front

the ability to receive services and pay for them later

Back

revolving credit

Front

lets you borrow up to a maximum dollar amount whenever you want

Back

emergency

Front

when you dont have enough money in your fund

Back

convience

Front

useing a credit card than shopping in person and safer than money

Back

Front

Back

instant gratification

Front

an unwillingness to give up something now in return for something later

Back

capital

Front

money for investment

Back

intrest formula

Front

I= P × R × T

Back

overspending

Front

n. spending more than you have

Back