Elaborate the different functions of credit. Also explain the important terms of credit?
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Explanation:
The credit system economises the use of metallic money and paper notes. The credit instruments like promissory notes, bills of exchange, cheques, credit cards, etc. are used in the modern society as money-substitutes, and so they have reduced the cost of issuing metallic money and paper notes.
Here are 10 common credit terms defined:
Billing cycle. The billing cycle for a credit or loan account refers to the number of days between statements. ...
- Principal balance. ...
- Interest rate. ...
- Annual Percentage Rate (APR) ...
- Minimum amount due. ...
- Payoff amount. ...
- Refinance. ...
- Down payment.
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Explanation:
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