Borrowing Project

By Lionel Garcia

Credit

Is that the costumer can obtain goods before payment based on trust.

Simple interest

Interest payable only on the interest

some tips and (or) myths

Make sure your eligible. Do research. Gather the necessary information you need. 1 myth is the more you ask for the worse your chances.

An amortization schedule

is a table detailing each periodic payment.
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principal

your principal is a sum of money lent or invested in which interest is paid.

rate

according to a particular scale in which you pay a certain amount.
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time

a plan or schedule or arrange when something is supposed to happen.

simple interest

i= pxrxt
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5 c's of credit

character, capacity, capital, collateral, conditions.
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20-10 rule

helps you understand how much credit you can afford.

fixed interest vs variable interest rates

one is steady so you know what your paying for the other you wont always know.

fraud what to look for

make sure all documentation is correct.

advantages and disadvantages of borrowing

it helps when you have no money but it sucks more money out.