BANKING TERMINOLOGY

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terms -- The period of time and the interest rate arranged between creditor and debtor to repay a loan.

tiered -- A term that applies to interest rates, where the actual rate applied depends on the balance on the account.

transaction date -- The date that a purchase was made or a cash advance was taken.

truth in lending act -- A law that required a lender to inform a borrower of the amount financed, total finance charges, annual percentage rate, payment schedule, and many more important figures.