Chapter 7: Borrowing

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9 Terms

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Borrowing

getting a sum of money from a financial institution which must be paid back plus interest by an agreed time

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Loan

A sum of money that’s borrowed from a financial institution and then paid back in instalments

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Collateral

Something of value that the borrower promises to give to the lender in the event of not paying the loan

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A guarantor

Person who agrees to pay the loan if the applicant is unable to pay

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Mortgage

a loan to buy a house or a property. Repaid in instalments plus interest over a long period of time

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What’s the rate charged on a loan

APR

Annual percentage rate

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Hire purchase

Allows people to use goods while they are paying them off

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Leasing

Allows a person to use goods for a period of time without ever owning them

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Debt

Money that’s owed or over due