Types of Credit

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Across
  1. 3. The amount of time you have to pay the principal
  2. 6. The borrower repays the loan over a period of years with interest until they eventually own the property
  3. 8. An organization or person that lends money to borrower
  4. 9. Open line of credit that can be used for any purchase
  5. 11. Arrangement where you pay for "stuff" and agree to pay back in the future
  6. 12. It can be used as collateral and reposed if payments are not made
  7. 13. Interest rate that is determined before loan is granted and remains constant
  8. 14. Someone who agrees to take responsibility of someone else's debt
Down
  1. 1. A loan used to finance a specific purchase for a specific amount of time
  2. 2. The initial size of a loan
  3. 4. The percentage of the principal charged by lender
  4. 5. An organization or person that takes something belonging to someone else with the intention of paying back in the future
  5. 7. Debt that is not tied to a specific asset and can't be repossessed if payments are not made
  6. 10. Interest rate that can change based on other rates over the course of the loan