Glossary

Annual Percentage Rate – This is the total finance charge shown as a percentage of the amount financed.

Balance – This is the total amount of money owed.

Credit Rating – This is evaluation of an individual or corporation's history of repaying past loans. It is used to see whether a creditor can pay back loans or not.

Debit Card – A card that draws funds from a bank account, usually a checking or savings account.

Mortgage – This is a property pledge that is used as security in the repayment of a loan.

Net pay – This is the remaining amount after deductions from the gross salary.