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Personal Finance Chapter 6

Ms. Roberson: Ms. Roberson
Horizontales
Total dollar amount you pay to use credit.
For of security to guarantee that the creditor will be repaid.
A one-time loan that you will pay back over a specified period of time
Is a measure of a person's ability and willingness to make credit payments on time.
Smallest amt. you can pay and remain a borrower in good standing.
Entity that lends money
Is the income you receive
Verticales
Use of credit for personal needs (shopping)
Is the cost of credit on a yearly basis, expressed as a percentage
Is the interest computed only on the principal, the amount that you borrow.
Time period during which no finance charges will be added to your account.
Legal process in which some or all of the assets of a debtor are distributed among the creditors because debtor cannot pay debts.
Loan with a certain limit on the amount of money you can borrow for a variety of goods & services.
Maximum amt. of money the creditor will allow you to borrow.
A loan means that you agree to be responsible for the loan payments if the other person fails to make them.
Arrangement to receive cash, goods, or services now and pay in the future