Adjustable-Rate Mortgage (ARM)

Financial Terms Flashcards

Flashcard
•
Business
•
9th - 12th Grade
•
Easy
Jacqueline Berecz
Used 1+ times
FREE Resource
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58 questions
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1.
FLASHCARD QUESTION
Front
Back
A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month.
2.
FLASHCARD QUESTION
Front
401(k) Loan
Back
A type of loan where you borrow money from your retirement savings account. You must pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases.
3.
FLASHCARD QUESTION
Front
Amortization
Back
The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest.
4.
FLASHCARD QUESTION
Front
Annual Fee
Back
A yearly fee that may be charged for having a specific credit card, independent of how you use the card.
5.
FLASHCARD QUESTION
Front
Annual Percentage Rate (APR)
Back
The cost you pay each year to borrow money, including fees, expressed as a percentage.
6.
FLASHCARD QUESTION
Front
Authorized User
Back
A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill.
7.
FLASHCARD QUESTION
Front
Balance Transfer
Back
The act of transferring debt from one credit card account to another, usually for a fee.
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