All in the Cards
this word represents the total cost of the item you’re purchasing on credit minus any down payment you make upfront
Principal
Amortization Table
The average APR on a payday loan according to our text
400%
Using credit cards wisely and paying your balance in full each month will result in...
higher credit score
What do banks and institutions get for lending money to consumers?
interest
the higher your credit score, the _________ your APR
Higher
Abbreviation used for the rate of interest earned
APR
There are two forms of mortgages, a ________ & an __________
fixed rate mortgage, adjustable rate mortgage
Borrowing small amounts of money to pay for things you can't afford right now is called a...
Payday Loan
A credit score is basically a scorecard of how ____________ you are
Trustworthy or Financially Responsible
What is usually required for a secured loan?
collateral
Another word for "renting" a car instead of buying it outright
Leasing
How much is recommended to be paid on your credit card each month?
Twice the minimum payment
This type of mortgage is riskier, but could save money in the long run
ARM (Adjustable Rate Mortgage)
for most payday loans, you only need to show _________ and not have a credit check performed
proof of income
Credit Cards are different than debit cards in that the money you spend is ...
not yours/the banks/a loan
Principal, Interest Rate, Term
If are late or miss payments on your auto loan your car may be...
repossessed
What do you need to do to avoid interest charges on credit card purchases?
Pay the full balance every month
MOST mortgages (Traditional) are _____ years long
30
lending that is loaded with fees and high interest rates is also known as
predatory lending
One way to establish credit with no credit score is to apply for a __________ card which uses _________
secured Credit Card, Your own money
can be charged on loans and credit cards when a payment is late or missed
late fees
The average auto loan is ____________ months long
36-60
A standardized way of presenting the key terms of your credit card agreement is called a...
Schumer Box
The amount recommended to place as a down payments on a home
20%
Another type of loan, similar to payday loans with high APR is a ___________ loan and uses your vehicle as collateral
Car Title
Interest is calculated by multiplying ________ X ________ X _________
Balance, APR, Billing Period
Two forms of credit/Loans, one is the type credit cards fall into and the other is the type auto loans fall into
Revolving and Installment
higher monthly payments and a shorter loan term will ________ the amount of interest you have to pay
lower