Flashcards
Chapter 14
Cards in this deck (13)
- 1Down PaymentWhat the customer pays that doesn't go towards the loan
- 2Installment loana loan that is broke down into equal payments
- 3amortizationPayments that include interest and the principal
- 4Amount finanacedthe amount of the loan
- 5finance chargethe interest charge along with the bank fees
- 6Deferred payment pricetotal of all monthly payments along with the down payment
- 7Truth in Lending Actlaw doesn't regulate interest rate
- 8Annual percentage rateTrue interest
- 9Fair credit and charge card disclosure act of 1988card companies must give details about interest and the cards
- 10open-end creditrevolving charge account
- 11Outstanding balancethe total amount still owed on a loan
- 12average daily balancebalance each day of the month divided by the days of the month
- 13cash advanceWhen your financial institution gives you a small amount of money to get by and you pay it back with a fee.
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- Flashcards on Chapter 14, created by DaLena Schultz on 21/09/2024.
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- DaLena Schultz
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