PF Unit 4 Test

Value of property you own such as bank accounts investments real estate, after deducting debts.

• Credit

• Capital

• Collateral

• Finance Charge

• Line of Credit

The use of someone else's money borrowed now and agreed to pay back later.

• Credit

• Capital

• Collateral

• Finance Charge

• Line of Credit

Property pledged to assure repayment of a loan.

• Credit

• Capital

• Collateral

• Finance Charge

• Line of Credit

The total dollar amount of all interest and fees you pay for credit.

• Credit

• Capital

• Collateral

• Finance Charge

• Line of Credit

Established amount that can be borrowed on demand with no collateral.

• Credit

• Capital

• Collateral

• Finance Charge

• Line of Credit

Open ended credit

• Borrower can use credit up to a stated limit

• Cost of credit expressed as a yearly percentage.

• loan for a specific amount that must be repaid in full.

• organization that makes high-risk consumer loans

• Legal business that makes high-interst loans based on the value of personal possessions.

APR

• Borrower can use credit up to a stated limit

• Cost of credit expressed as a yearly percentage.

• loan for a specific amount that must be repaid in full.

• organization that makes high-risk consumer loans

• Legal business that makes high-interst loans based on the value of personal possessions.

Closed end credit

• Borrower can use credit up to a stated limit

• Cost of credit expressed as a yearly percentage.

• loan for a specific amount that must be repaid in full.

• organization that makes high-risk consumer loans

• Legal business that makes high-interst loans based on the value of personal possessions.

Finance Company

• Borrower can use credit up to a stated limit

• Cost of credit expressed as a yearly percentage.

• loan for a specific amount that must be repaid in full.

• organization that makes high-risk consumer loans

• Legal business that makes high-interst loans based on the value of personal possessions.

Pawnbroker/ Pawnshop

• Borrower can use credit up to a stated limit

• Cost of credit expressed as a yearly percentage.

• loan for a specific amount that must be repaid in full.

• organization that makes high-risk consumer loans

• Legal business that makes high-interst loans based on the value of personal possessions.