L3 Deal/No Deal-Car Loans Flashcards Preview

Banzai Personal Finance > L3 Deal/No Deal-Car Loans > Flashcards

Flashcards in L3 Deal/No Deal-Car Loans Deck (7)
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1

amount of money to give seller on day of purchase

down payment

2

amount of money borrowed from a bank/credit union that has to be repaid over time with interest

loan

3

borrowing funding to pay for a large purchase

financed

4

amount of money paid to lender for use of the principal

interest

5

amount of money borrowed from lender

principal

6

percentage of a loan that is charged as interest to the borrower over the time the loan is paid back

interest rate

7

how a lender determines how reliable you are to pay back loan, based on how handled debt/credit in the past

creditworthiness