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Chapter 15 Vocab Written Exam With Questions And Correct Answers.
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Accelerated mortgages - correct answer An Acceleration Mortgages clause outlines the reasons that the lender can demand loan repayment. adjustable-rate mmortgages (ARM) - correct answer A variable-rate mortgage, adjustable...

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  • October 12, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • AMORTIZATION
  • AMORTIZATION

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Chapter 15 Vocab
Accelerated mortgages - correct answer An Acceleration Mortgages clause outlines
the reasons that the lender can demand loan repayment.



adjustable-rate mmortgages (ARM) - correct answer A variable-rate mortgage,
adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the
note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the
credit markets.



amortization schedule - correct answer Amortization Schedule refers to the process
of paying off a debt (often from a loan or mortgage) over time through regular payments.



amortization table - correct answer A complete table of periodic blended loan
payments, showing the amount of principal and the amount of Amortization Table interest that
comprise each payment so that the loan will be paid off at the end of its term.



amortized - correct answer a loan is Amortized if both principal and interest are
paid off by a sequence of periodic payments.



amount financed - correct answer The actual Amount Financed of credit made
available to a borrower in a loan, as defined by Regulation Z disclosure requirements of the Truth In
Lending Act.



annual percentage rate(APR) - correct answer if finance charges are expressed on a
per month basis, find the APR by multiplying the monthly rate by 12, the number of months in a year.



average daily balance - correct answer finance charges apply if balances are not
paid in full, and they are usually calculated using the Average Daily Balance method.



borrower - correct answer Any additional borrower(s) whose name(s) appear on
loan documents and whose income and credit history are used to qualify for the loan.

, cap - correct answer rates often have a Cap on how much they can change at one
time.



chapter 7 bankruptcy - correct answer Chapter 7 Bankruptcy results in the
liquidation of the borrowers assets with funds going to creditors.



chapter 13 bankruptcy - correct answer Chapter 13 bankruptcy requires borrowers
to enter into a repayment plan and make payments until all debt is paid.



charge accounts - correct answer individuals may open Credit Accounts at certain
stores. allows the customer to make frequent purchases from the store



consolidate loans - correct answer individuals with man high interest revolving
account loans sometimes Consolidate Their Loans into one lower interest loan, frequently with a longer
term



country club bulling - correct answer Country club billing provides a carbon copy of
all original charge receipts.



credit card - correct answer CC such as master card and visa are accepted by most
stores and restaurants worldwide.



credit limit - correct answer individuals are given a Credit Limit on these accounts
based on their income and other factors.



creditor - correct answer a person or company to whom money is owed.



debtor - correct answer a person or institution that owes a sum of money.



deferred payment price - correct answer A loan arrangement in which the borrower
is allowed to start making payments at some specified time in the future. Deferred payment

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