8 terms

Math Chapter 8

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Terms in this set (...)

loan
to let someone borrow something, such as money; money that is borrowed
lending institution
a business or organization that loans money to people
mortgage
a loan used to buy a home
term
a set amount of time
qualify
to show you are able to take on a responsibility, job, or task, such as repaying a loan
lien
a claim on property or other things you own, which guarantees your payment of debt
cosigner
someone who signs a loan contract with a borrower and promises to pay back the loan if the borrower doesn't pay
collateral
something of value used as security for a loan
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