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14 Cards in this Set
- Front
- Back
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Personal Loan |
Money you have received from someone else's savings |
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Principal |
Amount of loan you have borrowed |
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Chattel Mortgages |
Lender may take something of yours "chattel" if you cannot repay the loan |
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Overdraft |
More money than available, go into the negatives. Higher interest rate |
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Hire purchase |
Take goods home even though you have not fully paid for it. Pay it over time. Cost more because paying interest as well over time. |
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Store accounts/cards |
Allow customers to make purchases in that shop only. e.g. Warehouse card, farmers card |
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Credit cards |
Issued by banks. The credit card company pays for you goods and you pay it back at the end of the month with interest. e.g. MasterCard, Visa |
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Mortgages |
Long time loan for construction of houses/buildings. Interest charged |
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Interest |
The charge for borrowing/loan |
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Interest rate |
Interested written as percentage: e.g. 10% interest charged with every payment of hire purchase |
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Finance rate |
The total cost of credit including interest and fees expressed as a percentage |
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Term of loan |
Amount of time you have the loan |
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Calculating interest |
Interest rate/100 x amount of loan |
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Calculating finance rate |
(interest + fees)/principal x 100 |
