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10 Cards in this Set
- Front
- Back
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APR
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determines the cost of credit on a yearly basis
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cash advance
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is a loan given in cash by credit card company in anticipation of the borrower's being able to repay it.
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cosigner
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someone who agrees to be responsible for a debt if the main applicant does not repay it
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grace period
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amount of time allowed to repay a debt without having to pay interest charges
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credit limit
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the max amount a card holder can charge on a credit card
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variable rate
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an interest rate that fluctuates or changes over the life of the loan
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fixed rate
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the interest rate always remamins the same
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down payment
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portion of the total cost that is paid when a product or service is purchased
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principal
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the amount of borrowed money that is still owed and on which interest is based
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finance rate
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the total amount it costs the borrower to have the lender finance the loan
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