Credit Terms

Credit terms are the legal specifications of the loan including, but not limited to interest rate, duration of the loan, and payback schedule.

If Judy borrowed $20,000 for five years at 5% interest, payments due monthly, the interest rate of 5%, the monthly payments, and the five year duration of the loan are all credit terms.

https://accounting.uworld.com/cpa-review/lc/accounting-dictionary/term/credit-terms/