A:

Amortization: It is the process of paying off the amount taken as loan in equal installments over a certain period of time.

Annual Percentage Rate (APR): It is the annual effective rate of interest which is charged for borrowing a certain amount of loan. In other words it means the actual cost of borrowing. This means the interest rates and additional charges.

Asset: Something which is owned by a person or company and can be exchanged into liquid cash. This can be property, investments, goods or savings.