Vocab 1
An amount of money you borrow (get) from a bank. (noun)
What is a bank loan?
The money you get from your work. (noun)
What is income?
The extra money you pay to a bank for borrowing money. (noun)
What is interest?
A number between 300 to 900 that comes from a person’s credit history and shows how well they paid back money they borrowed. (noun phrase)
What is a credit Score?
A choice you have. (noun)
What is an option?
The smallest amount of money you must pay when you make a payment on a loan. (noun phrase)
What is a minimum payment?
Information about all the money a person has borrowed and how they paid back the money. (noun phrase)
What is credit history?
The amount of money you still need to pay back on a loan. (noun phrase)
What is a loan balance?
A type of interest that may change (go up or down) during the loan period. This means the money you pay to borrow money (interest) may change. (noun phrase)
What is a variable rate?
A type of loan from a bank you get for personal items (car, home repairs, wedding costs). Remember, it has fixed monthly payments. (noun phrase)
What is a personal loan?
A type of loan from a bank you get for personal items (car, home repairs, wedding costs). Remember, you can borrow money as needed, and pay a minimum monthly payment or more. (noun phrase)
What is a Line of Credit?
The lowest interest rate clients with excellent credit ratings get when they borrow money. (noun phrase)
What is a prime rate?
When there isn’t a specific time period for the end of a loan. (noun phrase)
What is no fixed term?
The period of time from the beginning to the end of a loan. (noun)
What is a term?
A type of interest that stays the same during the loan period. This means the money you pay to borrow money (interest) does not change. (noun phrase)
What is a fixed rate?