Borrowing

Question Answer
What does APR stand for? Annual Percentage Rate
Name one type of short term borrowing? Bank Overdraft/ Credit Card
Name one type of medium term borrowing? Hire Purchase/ Leasing
Name one type of long term borrowing? Mortgage
Define the term creditworthiness? Ability to pay off a loan
Define the term guarantor? Someone to pay the loan if you can't
Define the term collateral? Security for a loan

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