Chapter 5 Vocab

money owed

a financial amount paid to one's former spouse for support after a legal separation or divorce

those who rely on a person for support

someone who signs a loan with the borrower, thus accepting legal responsibility for paying the debt if the borrower defaults (does not pay)

amount that an insurance policy is worth if canceled before maturity. An insurance company will lend to a policyholder bases on his or her policy

any items of value that a person owns

the amount of money a borrower receives from a loan

land and property attached to the land

stocks and bonds

joint ownership between two or more persons

person or institution that made the mortgage loan

financial obligations; amounts owed

financial situation in which a court declares one's debts to be greater than the total value of one's assets

the amount paid for the use of borrowed money

a method of calculating interest by which the borrower pays more interest during the early months of a loan and less at the end of the loan period

a loan for purchasing real estate

people who will recommend the credit applicant as a good credit risk

amount still owed on a debt at a given time

the percentage of the principal that a borrower pays for the use of the borrowed money

failure to fulfill the terms of the loan agreement

lender; one to whom money is owed

the total cost to use credit, including interest, loan fees, and credit insurance