“Interest Rates 1”
an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest.
mortgage
an accounting method for spreading out the costs for the use of a long-term asset over the expected period the long-term asset will provide value.
ammortization
2 x M x FC divided by p x ( n +1 ) is The Formula for what
APR annual percentage rate
what is FICO
the number used to determine someone credit score.
what type of bankruptcy should use for to pay off a loan
chp 13
an interest rate on a loan or security that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically.
variable interest
the money that you originally agreed to pay back.
prineipal
I = P x R X T
p = principal
R = rate
T = time
three c of credit is
capacity , character , collateral
what type of bankruptcy would you recommend if cant play your loan back
chp 7
an unchanging rate charged on a liability, such as a loan or mortgage.
fixed interest
the price you pay to borrow money or the cost you charge to lend money.
interest
B = P X (1+R)T
B= total of balance
P = principal
R= Rate
T=Time
lender are looking for
look for certain qualities in loan applicants
bankkruptcy remain on debtor for 10 year
chp 7
the interest charge on borrowing that's calculated using an original principal amount only and an interest rate that never changes
simple interest
the interest you earn on interest.
compound interest
APR
A=Annual
P=Percentage
R= Rate
good credit mean
you pay for your bill been paid on time
bankkruptcy remain on debtor for 7 year
chp13
a number that represents the total yearly cost of borrowing money, expressed as a percentage of the principal loan amount.
apr
what you pay to the lender each month to repay your loan.
monthly payment
what is credit report
a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts