Loan Terminology and Concepts

Front

the charge for borrowing money

Back

interest

Front

The length of the loan is called the term?

Back

True

Front

What does "annual" mean?

Back

yearly

Front

The smallest amount to pay a month for a loan.

Back

minimum payment

Front

The amount of money borrowed?

Back

principal

Front

A repayment of a loan is made up of the principal and interest each month?

Back

True

Front

Change 2 3/4 into an improper fraction.

Back

11/4

Front

short term, high interest loans

Back

easy access loan

Front

issued by a bank or company, usually with a credit limit

Back

credit cards