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Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
An agreement where you get a fixed amount of money and pay it back over a period of time, usually with interest
An agreement where you get a fixed amount of money and pay it back over a period of time, usually with interest
The percentage charged for the privilege of borrowing money
The percentage charged for the privilege of borrowing money
The amount you borrow
The amount you borrow
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The amount of time you have to repay your principal
The amount of time you have to repay your principal
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Something valuable that the lender can take as payment if you can't pay back your loan (like a house or car)
Something valuable that the lender can take as payment if you can't pay back your loan (like a house or car)
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Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
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Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are no made
Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are no made
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Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made
Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made
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Interest rate can CHANGE, based on prime rate or index rate, over the course of the loan
Interest rate can CHANGE, based on prime rate or index rate, over the course of the loan
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