Banking Terms by https://padlet.com/827200/gubqu8jzzuk1 Made By: Rawan en-us 2016-10-20 20:57:35 UTC 2016-10-20 22:21:32 UTC hello@padlet.com 1.      Debt Consolidation: A replacement of a few small loans with one big loan. You can take out a debt consolidation by using your home equity loan or debt consolidation loan from a bank. It is sometimes beneficially only when the last consolidated debt has a lower monthly payment or interest rate.   827200 https://padlet.com/827200/gubqu8jzzuk1/wish/132230129 2016-10-20 21:23:03 UTC https://padlet.com/827200/gubqu8jzzuk1/wish/132230129 .      Down Payment: A payment that you make during your purchase of a good or service. The payment usually represents only a percentage of your purchase and in some cases, there are no refunds if the deal fails. 827200 https://padlet.com/827200/gubqu8jzzuk1/wish/132233263 2016-10-20 21:49:51 UTC https://padlet.com/827200/gubqu8jzzuk1/wish/132233263 3.      Consumer Debt: Debt that is owed from purchasing goods/services of an individual. An increase in consumer debt will make it harder for the individual to maintain their regular payments. If it is not managed properly, the consumer debt could lead to bankruptcy. 827200 https://padlet.com/827200/gubqu8jzzuk1/wish/132233564 2016-10-20 21:52:44 UTC https://padlet.com/827200/gubqu8jzzuk1/wish/132233564 4. Mortgage: An agreement that allows you to borrow an amount of money from the bank, mainly to buy a house. Mortgages are mainly used by an individual and/or business to make a real estate purchase without having to pay the entire purchase. If the person who borrows the money doesn’t pay mortgage, the bank will take possession of the mortgaged property. 827200 https://padlet.com/827200/gubqu8jzzuk1/wish/132234283 2016-10-20 22:01:24 UTC https://padlet.com/827200/gubqu8jzzuk1/wish/132234283 5.      Interest Rate: A charge the borrower must pay for the use of money. It is expressed as a percentage. It is calculated by dividing the amount of interest by the amount of principal. For example, if a lender charges the customer $80 in a year on a loan of $1000, then the interest rate would be, 80/1000x100%= 8%. 827200 https://padlet.com/827200/gubqu8jzzuk1/wish/132235887 2016-10-20 22:19:04 UTC https://padlet.com/827200/gubqu8jzzuk1/wish/132235887