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 (8)
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1
Q

amount of money to give seller on day of purchase

A

down payment

2
Q

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

A

loan

3
Q

borrowing funding to pay for a large purchase

A

financed

4
Q

amount of money paid to lender for use of the principal

A

interest

5
Q

amount of money borrowed from lender

A

principal

6
Q

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

A

interest rate

7
Q

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

A

creditworthiness

8
Q

paying off a loan in a series of equal invstallments

A

amortization