Across
- 3. A debt evidence by a "note," which specifies the principal amount, interest rate, and date of repayment
- 5. Cost of borrowing money on an annual basis;takes into account the interest raye and other related fees on a loan
- 7. An expense, such as a charitable contribution, that can be deducted from one's taxable income
- 8. Time frame that a loan agreement is in force, and before or at the end which the loan should either be repaid or renegotiated for another term
- 11. A detailed report of an individual credit history
- 14. A decrease or loss in value
- 15. A measure of an individual's credit risk; calculated from a credit report using a standardized formula
Down
- 1. A person or organization that uses a product or service
- 2. An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time
- 4. The granting of a loan and the creation; any form of deferred payment
- 6. A yearly fee that is charged by the credit card company for the convenience of the credit card
- 9. Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
- 10. Type of card issued by a bank that allows users to finance a purchase
- 12. An obligation of repayment owed by one partu(the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment pf the original loan amount plus interest
- 13. A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the pricipal(original loan amount)