Amount Financed: the amount of credit provided to you.
APR: Annual Percentage Rate, or APR, is the cost of credit expressed as a percentage.
Down Payment: the amount of cash or trade equity you apply to your purchase.
Equity: the difference between your trade payoff balance and its value. It may be positive or negative.
Finance Charge: the total dollar amount you pay to use credit.
Retail Installment Contract: the finance agreement allowing for payment over time at a fixed monthly payment amount and rate.
Simple Interest: finance charge calculation based on the unpaid principal balance, number of days between payments and the APR.
Stipulation: additional documentation/action required to complete the transaction, like proof of income.
Term: the number of monthly payments provided for in the retail installment contract.
Total of Payments: the amount you will have paid after you have made all payments as scheduled in the retail installment contract.
Total Sales Price: the total cost of your purchase on credit including finance charge, down payment and amount financed.