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Annual percentage rate (APR)

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Terms in this set (24)

Annual percentage rate (APR)

The actual rate of interest charged on a loan each year; calculated using standard rules

Withdrawals of cash from your credit card

Compound interest

Interest charged on both the original principal amount and any interest previously accrued; interest on interest

Money owed as the result of purchasing items (i.e., debt not including mortgages)

When you make a purchase, you borrow money from the credit card issuer to pay the vendor, and you must pay back the money you've borrowed by a due date

Something, typically money, owed

The same interest rate applies for the entirety of the term

Gross income is your total earnings before deductions

A type of pre-approved loan that allows you to borrow money when you need it, up to a maximum amount

A type of loan often used to buy a home or other property

Overdraft protection

Allows you to temporarily access additional funds beyond what you have in your chequing account

A short-term loan that you promise to pay back from your next paycheque

A bank loan for education costs with a special rate and special repayment terms for students

Money owed as the result of purchasing items and property (i.e., debt including mortgages)

Variable interest

The interest rate rises and falls with the bank's prime rate