Personal Finance

  • Created by: epic indi
  • Created on: 18-03-19 18:56
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  • Personal Finance
    • Acronyms
      • AER
        • Annual equivalent rate
      • APR
        • So its an interest rate for money lent.
        • Annual Percentage rate
      • EAR
        • Effective Annual Rate
    • Types of Accounts
      • Current Accounts
        • Personal Checkbooks
        • Debit cards
        • Low interest level
        • Possible overdraft facility
      • ISA
        • Individual Savings Account
        • Fixed for a term and are designed for people to add money top
        • Are penalized if they take money out
    • Loans
      • Personal Loan
        • For a car or home improvements
        • Paid off in a few months/years with interest.
      • Payday loan
        • to borrow immediately and repay within a short time
      • Mortgage
      • Unsecured- not tied to anything, but if you don't keep up with the payments you could be blacklisted.
        • no risk of losing propery
        • better option for those who only need to borrow a small amount.
        • Higher interest rates
      • Secured - is tied to your house, if you don't pay it you could have to sell your home.
        • ADV - Secured APR will be lower so less interest.
        • Repayment period may be longer so you are in debt for more time.
        • You may lose your home/ assets if you don't pay it back.
      • Venture Capital
        • Loan for businesses.
        • Money is leant by wealthy investors but in return for equity.

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