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10 Cards in this Set
- Front
- Back
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Loan contract |
Contract that specifies the terms of a loan |
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Amortize |
To repay the principal of a loan through series of equal payments |
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Maturity |
Life or duration of a loan |
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Collateral |
Assets that back a secured loan in case the borrower defaults |
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Secured loan |
Loan backed by collateral |
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Unsecured loan |
Loan that is not backed by collateral |
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APR |
Rate that measures the finance expenses on a loan annually |
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Simple interest |
Interest on a loan computed as a percentage of the existing loan amount or principal |
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Equity of a home |
Market value of a home minus the debt owed |
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Payday loan |
Short-term loan provided in advance of a check |
