Chapter 3-6

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Author:
theycallmedi
ID:
233896
Filename:
Chapter 3-6
Updated:
2013-09-09 19:36:44
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Econ chapter
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chapter 3-6
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  1. Installment debt on real property (house land)
    Mortgage
  2. deposits, savings, loans, CDs, - largest groups of lending institutions
    Commercial Banks
  3. savings and loans owned by members of association
    credit union
  4. high interest rates and fees-higher risk interest due to poor credit rates
    fiance company
  5. pay within set time period pay no interest .
    - "6 month same as cash"- one transaction per agreement
    regular charge account
  6. keep charging, keep paying-must pay minimum payments, interest computed on non paid balance
    revolving charge account
  7. Monies held in reserves to cover expenses if needed
    Escrow
  8. Two types of Advertising
    • 1) Competitive
    • 2) Informative
  9. purchased goods designed to last longer than 3 years
    durable goods
  10. cost of using someones else's money
    interest
  11. higher priced items, set monthly payments with interest (included,car house, furniture, any high cost durable goods)
    Installment charge account

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