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chapter 18
Consumer Credit
Question | Answer |
---|---|
The privilage of using someone elses money for a period of time. | Credit |
The total dollar cost of credit including interest and all other charges | Finance Charge |
Is a payment of part of the purchase price. | Down Payment |
One in which you agree to make monthly payments in specific amounts over a period of time. | Installment Loan |
Is aa written promise to repay based on a debtor's excellent credit history. | Promissory Note |
Property that is used as security | Collateral |
a person's retribution for paying bills on time | Credit Rating |
The cost of using someone eelses money | Intrest |
Is a disclosour required by law | APR |
Is the legal process of reducing or eliminating an amount owed | Bankruptcy |