Itb Chap 18

Consumer Credit 18-1 Credit Fundamentals 18-2 Cost of Credit 18-3 Credit Application and Documents 18-4 Protection of Credit Rights 18

LESSON 18-1 Credit Fundamentals ,[object Object],[object Object],[object Object],[object Object]

Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

USING CREDIT ,[object Object],[object Object],[object Object]

TYPES OF CREDIT ,[object Object],[object Object],[object Object],[object Object]

CHARGE ACCOUNTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CREDIT CARDS ,[object Object],[object Object],[object Object],[object Object]

FEATURES OF INSTALLMENT CREDIT ,[object Object],[object Object],[object Object],[object Object],[object Object]

CONSUMER LOANS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

>> C H E C K P O I N T ,[object Object]

BENEFITS OF CREDIT ,[object Object],[object Object],[object Object],[object Object],[object Object]

CREDIT CONCERNS ,[object Object],[object Object],[object Object],[object Object]

QUESTIONS TO ASK ,[object Object],[object Object],[object Object],[object Object],[object Object]

LESSON 18-2 Cost of Credit ,[object Object],[object Object],[object Object]

Key Terms ,[object Object],[object Object]

FINDING INTEREST Length of time for which interest will be charged, usually expressed in years or parts of a year Time, T Percent of interest charged or earned Interest Rate, R Amount of the loan Principal, P

SIMPLE INTEREST Time  Rate  Principal  Interest T  R  P  I

SIMPLE INTEREST EXAMPLES     60/360 1/12 2 1 T $100 $100 $100 $100 P $2  .12   I 60 days $1  .12   I One month $24  .12   I Two years $12  .12   I One year  R   I

MATURITY DATES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

90-DAY LOAN EXAMPLE ,[object Object],[object Object],[object Object],[object Object],March 27 days (31–4) April 30 days May 31 days June 2 days Total 90 days

INSTALLMENT INTEREST ,[object Object],[object Object]

FINANCE CHARGES ,[object Object],[object Object],[object Object]

LESSON 18-3 Credit Application and Documents ,[object Object],[object Object],[object Object],[object Object]

Key Terms ,[object Object],[object Object],[object Object]

CREDIT APPLICATION PROCESS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CREDIT BUREAU ,[object Object],[object Object],[object Object]

CREDIT DOCUMENTS ,[object Object],[object Object],[object Object],[object Object]

LESSON 18-4 Protection of Credit Rights ,[object Object],[object Object],[object Object],[object Object]

CREDIT APPLICATION REGULATIONS ,[object Object],[object Object]

CREDIT USE REGULATIONS ,[object Object],[object Object],[object Object],[object Object]

CREDIT PROBLEMS AND ASSISTANCE ,[object Object],[object Object]

Itb Chap 18

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Itb Chap 18