Credit Review

Match it! Select the correct answer from the pull down...Good luck!

A mortgage is an example of

Loan used to finance a specific purchase for a specific amount of time’ regular payments pay the interest and portion of the principal.

Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made.

The percentage charged for the privilege of borrowing money.

Any arrangement where you get “stuff” (money, goods, services), and agree to pay for it in the future.

Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are not made.

Open line of credit that can be used for any purchases as long as you’re under the limit; payments vary monthly based on size of the debt.

With a variable rate interest rates _____