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Page 3 Understanding Types of Loans Drag each term to the correct definition. A. Loan B. Interest C. Closed-end loan D. Collateral E. Unsecured loan F. APR G. Secured loan i H. Lien 1. Open-end loan J. Principal 1. A financial asset. 2. A one-time loan for a fixed amount and borrowers make payments toward the balance. 3. A type of loan that doesn't require collateral from borrowers but instead lenders rely on credit reports and credit scores. 4. The price borrowers pay to use the lender's money. 5. an amount of money that consumers borrow from a lender with the agreement it will be paid back. 6. The total cost of borrowing money that consumers rely on to compare loans. 7. A loan that doesn't have a specific date for repayment of the full amount and borrowers make monthly payments. 8. The lender's right to claim the collateral until the loan is paid. 9. A loan that is backed by collateral that you own. 10. The amount of money borrowed. OCaffeine Q Teacher