loan called payments life loan quizlet

What is a loan called when it has even payments for the life of the loan quizlet?

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The interest rate and length of the loan help determine the payment the borrower will make. The other determining factor is the amortization. Amortization is the liquidation of a financial obligation on an installment basis. An amortization schedule details each payment, displays the specific amount applied to interest and principal, and shows the remaining principal balance after each payment.

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What are the 4 loan types?

The eight different types of loans you should know are personal loans, auto loans, student loans, mortgage loans, home equity loans, credit-builder loans, debt consolidation loans and payday loans.

What is the life of a loan called?

A loan term is the duration of the loan until it's paid off, such as 60 months for an auto loan or 30 years for a mortgage. You'll pay more interest overall on a long-term loan, but your payments will likely be less because the principal balance you borrowed is spread out over more months.

What are 3 types of loans based on term?

There are three main classification found in Term Loans: short-term term loan, intermediate term loan, and long-term term loan.

What is a straight loan?

In a term or straight loan, the payments made only include interest. In other words, it is nonamortized, which means none of the money paid went towards the principal. Making payments can be done on a periodic basis, such as monthly, quarterly or annually.

What type of loan would be completely paid off over the life of the loan?

Fully amortized loans have schedules such that the amount of your payment that goes toward principal and interest changes over time so that your balance is fully paid off by the end of the loan term.

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