Loans

Front

The amount of money that the lender lends to the borrower is called the....

Back

principal

Front

A fixed amount of money paid out of pocket to reduce the amount borrowed.

Back

Down payment

Front

Interest can be defined as:

Back

the fee charged for borrowing money

Front

APR stands for

Back

annual percentage rate

Front

The longer the loan term the less total interest you pay.

Back

False

Front

The down payment is the final payment you make when you are done paying off your loan.

Back

False

Front

A sum paid or charged for the use of money

Back

interest

Front

When getting a car loan you will want to get the highest or the lowest interest rate?

Back

lowest

Front

What would happen to a monthly payment if the interest rate increased?

Back

The payment would go up.

Front

The cost of credit expressed as a yearly interest rate:

Back

APR