chapter 3

2. The addition of unpaid interest to the principle balance of your loan
4. paying for merchandise over services or a period of time
5. the loan amount you borrow
7. Schedule payments or installments are usually made on a monthly bias.
12. When you borrow money you must sign an agreement this states the conditions of the loan your signature is your promise to pay back the loan as an outline in the agreement
15. agreement requires borrowers to pay a fee in if they wish to pay back anytime alone before the due date
17. every time you use credit the creditor reports how well you met your financial obligations to a credit reporting agency
18. your ability to earn money now and in the future
20. a loan issued by a bank a credit union a school or even a state agency
22. complies records on all users of credit
23. the cost you pay each year to borrow money
24. you to make periodic payments by there is no interest charged in these payments or made on time

1. A 3-digit number calculated by the fair Isaac corporation that indicates a perspective borrows level of creditworthiness to lenders
3. the last monthly payment on some loans can be much higher than the previous payment
5. allows the borrower to make payment before the due date to reduce the amount of interest
6. an organization that extends loans
8. A contract between an insurance policy holder and an insurance company where there any user promises to pay a sum of money in exchange of a premium upon the death
9. customer who needs money leaves a personal belonging
10. an organization or person that extends credit to a consumer
11. if you are purchasing something you don't pay for it immediately
13. this person agrees to pay back the loan if the borrower is unable to do so
14. A person who uses credit
16. everything you own
19. a small loan taken over a very short period of time usually for a few weeks or less the borrower agrees to pay back the loan in full or their next pay day
21. the customer does not receive the merchandise until it is paid for it is held in the store for a fee when all the payments are made you can take possession of the item