![]() ![]() ![]() ![]() Amortization = The process by which loan payments are applied to the principal, or amount borrowed, as well as the interest on a loan according to a set schedule.Īnnual Fee = The amount that credit card companies charge for the use of a credit card.Īnnual Percentage Rate (APR) = The finance charge or total amount it costs per year to use credit, calculated as a percentage of the amount borrowed (percentage rate), including interest, transaction fees, and service charges.Īnnual Percentage Yield (APY) = The actual interest rate an account pays per year with compounding included calculated the same way by all banks/credit unions.Īssets = What a person owns, such as cash, stocks, bonds, real estate, and personal possessions.Īutomated Teller Machine (ATM) = An electronic machine that bank customers and credit union members can use to withdraw cash and make financial transactions.īack-end load = A sales charge paid when investments are sold.īait and switch = An illegal sales technique in which sells advertise a product with the intention of persuading customers to buy a more expensive product.īank = A for-profit company that is owned by its stockholders and provides saving and checking accounts and other financial services to its customers.īankruptcy = Legal process for selling most of the debtor’s property to help satisfy debts that can’t be repaid, in exchange for (a) relieving debtors of the responsibility of paying their financial obligations or (b) protecting them while a plan is created and they try to repay debts.īond = A formal agreement where you lend money to a borrower who can then use that money for a set period of time. ![]()
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