Chapter 14

Question	Answer
Down Payment	What the customer pays that doesn't go towards the loan
Installment loan	a loan that is broke down into equal payments
amortization	Payments that include interest and the principal
Amount finanaced	the amount of the loan
finance charge	the interest charge along with the bank fees
Deferred payment price	total of all monthly payments along with the down payment
Truth in Lending Act	law doesn't regulate interest rate
Annual percentage rate	True interest
Fair credit and charge card disclosure act of 1988	card companies must give details about interest and the cards
open-end credit	revolving charge account
Outstanding balance	the total amount still owed on a loan
average daily balance	balance each day of the month divided by the days of the month
cash advance	When your financial institution gives you a small amount of money to get by and you pay it back with a fee.

Resource summary

	Created by DaLena Schultz about 1 year ago