Econ Mod 7 vocab

Front

Time between billing and payment due date with no interest charged.

Back

Grace Period

Front

Plan to buy an item with fixed payments and interest.

Back

Installment Plan

Front

Agreement for service now, pay later.

Back

Service plan

Front

Partial refund of a purchase price?

Back

Rebate

Front

Finance company making loans via authorized reps.

Back

Sales Finance Company

Front

High interest loan secured by vehicle title.

Back

Title loan

Front

Amount charged for setting up a loan, often for home loans.

Back

Origination fee

Front

Rewards by creditors to attract borrowers for credit.

Back

Promotional Incentives

Front

Price paid for credit use, usually a percentage.

Back

Interest

Front

Amount borrowed

Back

principal