Interest Rate Foldable
The amount of money someone is willing to loan you also the amount that's still owed on a loan.
What is principal?
What is Fc?
Finance charge
What type of credit provides the lowest interst rate and increase value?
What is Home Loan?
TRUE or FALSE
Debtor take credit counseling is mandatory by law?
True
What is the MOST important part of a person's credit report in FICO?
a.length or history
b.payment history
c. new credit
b. payment history
Expenses that cost the same amount every time.
What is Fixed Interest?
How do you find apr?
2xmmfc/px(n+1)
This loan is one that is not backed by an asset.
Unsecured loans
Name 3 credit bureaus
Equifax, Transunion, Experian
This is a record of a person's credit history?
Credit report
The process by which loan payment are applied to the principal, or amount borrowed as well as the interest on a loan according to a set schedule.
What is Ammortization?
How do you find finance charge?
pxrxt
What are three types of common credit?
Home mortgage, Car loan, Personal loan
Do chapter 13 help with payment plans?
YES
What is capacity?
Repay the debt in a question.
A situation in which interest is earned to previously earned interest in such a way that earning accumilate more rapidly over time.
What is Compound Interest?
What is mp?
Monthly payment
What does fico stands for?
Fair Isaacs Corporation.
What is a advantage of using credit?
Help people acquire assets, increase their value, help people lead happier lives.
The finance charge/ total amount it cost per year to use credit.
What is APR?
What is apr?
Annual percentage rate
What is a disadvantage of using credit?
Making the mistake of using too much
TRUE or FALSE
Chapter 7 bankruptcy is for the people who don't have money so they take their assets.
TRUE
What are the 3 c's of a credit report?
Capacity, character, Collateral