Credit Cards
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
What is a credit card
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is a loan
An initial payment made when something is bought on credit.
What is a down payment
Paying off credit card debt prior to the end of the month.
What is paying no interest
Previous balance: $450
New purchases: $1,200
Payments made: $200
Credit: $50
Finance charge: $27.50
New Balance:
A number that estimates how likely you are to pay back a loan. It's based on information in your credit report.
What is a Credit Score
the amount of time a borrower has to pay back a loan. It's determined when the loan is taken out and is based on the type of loan, the amount borrowed, and the borrower's credit history.
a returnable sum payable when something is rented, to cover any possible loss or damage.
What is a security deposit
can save you on interest, but pause to make sure the pros outweigh the cons before you proceed.
What is paying off your loan early
Car Price: $18,000
Down Payment (10% of purchase price): ?
What is $1800
Is the smallest amount of money you must pay on a debt by the due date. You can use the term for credit cards, loans, lines of credit, and other debts.
What is a Minimum payment
Is a plan for paying back a loan over time. It includes the amount and frequency of payments, as well as the total time it will take to pay off the loan.
What is repayment schedule
a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.
What is a lease
a sum of money lent or invested, on which interest is paid.
What is principal
Loan Term: 4 years (48 months)
Monthly Payment: $352
Total Paid
What is 16,896
Is the maximum amount of money you can borrow on a credit card or line of credit.
What is a credit limit
Is a loan where you borrow a sum of money and pay it back in fixed installments over time. Installment loans are often used to purchase a car, house, or other large expense
What is an installment loan
The entire amount of money a tenant needs to pay upfront when moving into a new rental property, including the first month's rent, security deposit, any application fees, pet fees (if applicable), and sometimes even the cost of setting up utilities, essentially encompassing all the initial expenses associated with taking occupancy of a new dwelling.
What is an upfront cost
What is a monthly payment
A one-bedroom apartment in a luxury complex with amenities such as a gym, pool, and 24-hour security. The monthly rent is $1,800, and the required security deposit is one month's rent. Utilities and renter’s insurance are not included. Total cost of move in.
What is $3,600
Is the yearly cost of borrowing money. It's a percentage that includes interest and any other fees associated with the loan or credit card.
What is APR
Is the total cost of borrowing money or using credit, including interest and fees. It's the amount paid in addition to the amount borrowed.
What is a finance charge
The total amount of money you borrow from a lender, minus certain fees. It's the amount of credit extended to a borrower.
What is the amount financed
loan is repaid in multiple fixed payments over a set period of time, while another loan requires only one lump sum payment to fully repay the loan at the end of the loan term; essentially, an installment loan allows you to spread out your repayment over time, whereas a single payment loan is paid all at once.
What is the difference between installment loan and single payment loan.
APR: 6%
Periodic Rate: ?