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financial institution
group that channels savings to investors; includes banks, insurance companies, savings and loan associations, credit unions
savings
the dollars that become available for investors to use when others save
interest payment
made for the use of borrowed money; usually paid at periodic intervals for long term bonds or loans
interest rate
the price of credit to a borrower
federal reserve system
privately owned, publicly controlled, central bank of the united states
federal deposit insurance corporation
the u.s. government institution that provides deposit insurance on the depositor's account
credit union
nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services
creditors
persons or institutions to whom money is owed
collateral
something of value that a borrower lets the lender claim if a loan is not repaid
secured loan
a loan that is backed up by collateral
unsecured loan
a loan guaranteed only by a promise to repay it
Note
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