FINA 385 Lecture Notes - Lecture 5: Revolving Credit, Prime Rate, Interest Rate
28 Jun 2016
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A smart card is a plastic card embedded with a computer chip that stores and transacts data between users. The card data is transacted via a reader that is part of a computing system. A single smart card, for example, can be used to buy an airline ticket, store it digitally, and track frequent-flyer miles. A personal line of credit is usually set up as a revolving line of credit, typically with a variable interest rate linked to the lender"s prime rate. In a home equity line of credit, the limit on the line of credit is based on the difference. Between the current market value of your home and the amount you still owe on your mortgage. You can borrow up to 80 percent of the appraised value of your home (in some cases, 100 percent), Leasing lower monthly payments associated with car leasing have resulted in its increased popularity during the last decade of rising car costs.
