Borrowing Money Flashcards
1
Q
In the early years of a mortgage payoff most of the payment is applied to the
A
Interest
2
Q
Goods a business has for sale are called
A
Inventory
3
Q
In addition to the principle and interest mortgage payments may also include
A
Taxes and utilities
4
Q
If the payments on an installment loan are not made in a timely manner the seller has the right to
A
Repossess
5
Q
The amount borrowed on a loan is called the
A
Principle
6
Q
When calculating interest on a loan one year is considered
A
360 days
