Consumer math Flashcards
vocab and short answers
1
Q
amortization
A
process of paying off debt in regular installments over a period of time
2
Q
minimum payment
A
smallest amount you pay each month to keep good credit
3
Q
variable-rate loan
A
interest rate that changes based on the market/economy
4
Q
payday loan
A
risky option for emergency cash that needs to be payed by next pay day and has high interest rates
5
Q
mortgage
A
money to purchase a home
6
Q
authorized user
A
user on a credit card to build credit
7
Q
secured debt
A
loan backed by collateral
8
Q
A
