Personal Finance
- Created by: epic indi
- Created on: 18-03-19 18:56
View mindmap
- Personal Finance
- Acronyms
- AER
- Annual equivalent rate
- APR
- So its an interest rate for money lent.
- Annual Percentage rate
- EAR
- Effective Annual Rate
- AER
- 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
- Current Accounts
- 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.
- Personal Loan
- Acronyms
Comments
Report
Report