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Understanding Credit
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5
Finance
12th Grade
04/26/2013
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Term
Credit
 Definition
is the supplying of money, goods, or sevices at present in exchange for the promise of future payment.
Term
creditor
 Definition
the business or organization that extends the credit.
Term
principal
 Definition
which is the original amount borrowed, plus $724 interest paid for the use of the creditor's money.
Term
secured credit
 Definition
is backed by a pledge of property.
Term
collateral
 Definition
the property that is pledged to guarantee repayment is known as security.
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