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Lessons 13, 15, 16
Terms in this set (21)
Interest computed on the sum of the principal and earned income
Interest earned on the principal and paid out to a depositor
The practice of leaving interest earned "on deposit" so it too earns interest.
The amount deposited in savings without including interest earned.
The price paid for using someone else's money.
The price paid for using someone else's money, expressed as a percentage.
Rule of 72
A formula that can be used to calculate how long it takes for invested money to double.
The yearly charge for having a credit card.
The next-best alternative that is given up when a choice is made.
Annual Percentage Rate (APR)
The total cost of credit for one year, expressed as a percentage. The APR includes interest and other fees associated with the loan.
The lowest amount you must pay toward your credit balance each month.
The maximum amount of credit extended to you by a bank or credit card issuer.
A penalty, in addition to interest, that is charged if payment is received after the due date.
The total dollar amount you must pay for the credit you use.
A period of time during which you are not charge interest on new purchases (if you have no outstanding balance).
A general increase in prices.
Property or other valuables used as security to guarantee the repayment of a loan. The lender can claim collateral if the borrower fails to repay.
Debt to income ratio
A measurement of how much of your income is being spent on debt.
A firm that collects borrowers' credit histories.
A score used to evaluate a borrower's credit worthiness and likelihood to repay a loan.
A history of a borrower's use of credit. You should get a copy of your credit report once a year to ensure there are no mistakes.
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