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10 Cards in this Set
- Front
- Back
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Annual percentage rate (apr)
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Cost of credit on a yearly basis.
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cash advance
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loan given in cash by a 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 pay 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 maximum amount a card holder can charge on a credit card
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variable rate
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An adjustable interest rate charged by financial institutions such as banks
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fixed rate
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An interest rate that always remains the same
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down payment
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A 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 iterest is based
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finance charge
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The total amount it costs a borrower to have the lender fianance the loan
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