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Term that describes the contractual agreement between a borrower and a lender in which the borrower agrees to pay back the lender for money that the borrower received.usually with interest. square [Choose] [Clpose] Credit card statement (page 231) Credit limit (page 229) Credit (page 227) Credit report (page 228) Credit score (page 229) Credit Card (page 227) square Plastic card that allows a person to borrow money from the bank or financial institution that issued it. Report that shows the purchases made with a credit card, the current balance, and the amount of money that is were by the due date. Maximum amount of money available on a line of credit. square Summary of all the companies that have extended credit to a person. square Number that shows how well Ill a person handles credit. square

Question

Term that describes the contractual agreement between a borrower and a
lender in which the borrower agrees to pay back the lender for money
that the borrower received.usually with interest.
square 
[Choose]
[Clpose]
Credit card statement (page 231)
Credit limit (page 229)
Credit (page 227)
Credit report (page 228)
Credit score (page 229)
Credit Card (page 227)
square 
Plastic card that allows a person to borrow money from the bank or
financial institution that issued it.
Report that shows the purchases made with a credit card, the current
balance, and the amount of money that is were by the due date.
Maximum amount of money available on a line of credit.
square 
Summary of all the companies that have extended credit to a person.
square 
Number that shows how well Ill a person handles credit.
square

Term that describes the contractual agreement between a borrower and a lender in which the borrower agrees to pay back the lender for money that the borrower received.usually with interest. square [Choose] [Clpose] Credit card statement (page 231) Credit limit (page 229) Credit (page 227) Credit report (page 228) Credit score (page 229) Credit Card (page 227) square Plastic card that allows a person to borrow money from the bank or financial institution that issued it. Report that shows the purchases made with a credit card, the current balance, and the amount of money that is were by the due date. Maximum amount of money available on a line of credit. square Summary of all the companies that have extended credit to a person. square Number that shows how well Ill a person handles credit. square

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XanderProfessional · Tutor for 6 years

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1. The term, '_Loan Agreement_' describes the contractual understanding between the lender and borrower, where under obligation the lender has to repay the lent money potentially involving interest periodically.<br /><br />2. The '_Credit Card_' is a plastic instrument provided by a bank or a recognized financial institution permitting users to purchase goods with borrowed money. Every month, a statement accumulating the sum to be settled is sent to the user. <br /><br />3. The '_Credit Card Statement_' is indicative of the detailed transactions committed, existing account balance in combination with funds that must be paid before the predetermined deadline. <br /><br />4. A '_Credit Limit_' is defined as the maximum sum at provision offered to users over a credit-needing facility plummeting the possibilities of overcharging. <br /><br />5. The '_Credit Report_' is disclosing of detailed files on an individual's credit history, consolidated by credit bureaus. <br /><br />6. '_Credit score_' is a statistical number, illustrating the person's credit merit. A higher credit score resonates as being a lower-risk investment to financial institutions. <br /><br />Thereby, using each term's definition in their respective contexts makes the convoluted entire credit process clearer and easier to comprehend. No specific numerical answer is sought in this question as it is entirely definition-based.

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This question is specifically asking for the definitions of several financial terms pertaining to borrowing and credit.<br /><br />## The defined terms include Loan Agreement, Credit Card, Credit Card Statement, Credit Limit, Credit Report and Credit Score. <br /><br />## Borrower Loan Agreement: This term usually refers to a contract between a lender and a borrower, where the borrower guarantees to repay the money lent with interest over a specific term. The loan agreement describes the contractual obligations and major provisions such as interest rate and loan maturity.<br /><br />### The Loan Agreement formula can be denoted as: Principal Amount + (Principal Amount * Rate of Interest * Time). <br /><br />## Credit Card: A plastic card issued by banks or financial institutions which allows the card holder to borrow up to a certain limit to pay for goods or services. The borrowed amount is expected to be paid back with a certain rate of interest. <br /><br />## Credit Card Statement: This is a record sent to credit card users from the bank or financial institutions that listed their transactions, outstanding balance, and maybe rewards or interest earned during a reporting period. <br /><br />## Credit Limit: The maximum amount of money a cardholder can borrow using their credit card.<br /><br /> ### The Credit Limit formula is renown as: Credit Given = Credit Equity Ratios * Net Worth.<br /><br />## Credit Report: A detailed record or report compiled by a credit bureau that displays a person's credit history. Lenders will refer to a credit report to determine if one is creditworthy or make lending decisions. A credit report includes data such as a summary of your credit accounts and loans, your bill paying history, and whether you have bankruptcy or tax liens,<br /><br />## Credit Score: A statistical number that depicts a person's creditworthiness. It is based on credit history including level of debt, length of credit history and types of credit used. A high credit score typically represents a less risky borrower for financial institutions.
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