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Financial Algebra 4-2

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16 cards

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Section 1

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credit union

Front

1 / 16

Algebra Math

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Last updated

4 years ago

Date created

Mar 1, 2020

Cards (16)

Section 1

(16 cards)

credit union

Front

members who work at same place or live in same apt. complex deposit money and can then apply for loans sometimes at lower rates than a bank

Back

wage garnishment

Front

involuntary automatic deduction to pay off a loan, court ordered

Back

lending institution

Front

a business or organization that loans money to people to make a profit

Back

consumer finance companies

Front

typically lend money to people with poor credit scores who can't get a loan elsewhere

Back

life insurance companies

Front

can borrow money from them, not super risky because whatever you owe them can be deducted from your benefit when it is paid

Back

life insurance

Front

insurance that pays a dollar amount for the policyholder's death

Back

prepayment penalty

Front

a fee associated with paying the loan off early

Back

collateral

Front

anything of value belonging to a borrower that is pledged to a lender to guarantee the loan will be repaid

Back

Annual Percentage Rate (APR)

Front

interest rate paid per year

Back

principal

Front

the original amount borrowed

Back

cosigner

Front

a person that signs the loan that agrees to pay back the loan if the borrower does not

Back

balloon payment

Front

small monthly payments with a large final payment

Back

pawnshops

Front

leave an item of value in exchange for a loan, at the end of the period you give them the money back plus interest and they give you your item back

Back

wage assignment

Front

voluntary automatic deduction from your paycheck to pay off a loan

Back

prepayment privilege

Front

allows borrower to pay off a loan in advance to reduce interest

Back

promissory note

Front

A written agreement which states conditions of a loan, such as amount to be paid and when

Back