U7 Flashcards
a price decrease from the original cost of an item
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a price increase above the original cost of an item
markup
the sale of goods to consumers
retail
the sale of goods to retailers, or other stores, for resale
wholesale
the sum of the balances for each day of the month, a billing cycle, divided by the number of days in the month
average daily balance
a plastic card given by a bank or business that allows a consumer to make purchases on credit
credit
a plastic card given by a bank that allows instant access to funds in a checking or savings account
debit card
a loan paid with equal periodic payments
installment loan
the value of property over the amount owed on a mortgage
equity
a contract for the use of property during a specified period in exchange for rent
lease
a payment required by a landlord from a tenant (the person renting) to cover the cost of any repairs or damages
security deposit
money or property granted to someone, but held by a third party until specific conditions have been fulfilled
escrow
a percentage of the total principal of a loan, paid up front to the lender
points
a table showing a monthly breakdown of how much of a payment goes toward interest, how much goes toward escrow, and how much is paid on the principal loan
amortization table
a contract under which a person borrows money to buy property
mortgage
