Lesson 3

Lesson 3

LOANS

Vocabulary

Loan-money that one party gives to another to use temporarily

Loan department-the section or division of a bank that takes care of loans

Loan officer-officer of the bank who interviews people who went to borrow money

Loan application-the form that the customer fills out when he went a loan

Currently-at the present time, at this moment

In effect-valid,currently in uses

Commercial loans-money that banks to businesses

Personal loans-money that banks lend to individual borrowers

Collateral- property or money that a bank as security for a loan

Credit file –information about a bank customer who wants to borrow money

To pay back-to return the money that you borrow ( also: repay )

Charge account-an account that allows a customer to get merchandise or services immediately, but pay later

Charge card-a piece of plastic with the name of the charge account holder and his charge account number. The account holder presents this card when he uses his charge account to buy something.

Expansion

To borrow-to take money from someone and to promise to return it

To lend- to permit someone to use your money temporarily with the

Understanding that she has to return it.

I need to borrow some money. Can you land me $100.000?

The party who lands the money is the lender. The party who borrows the money is the borrows.

Term-period of time

The term of the loan is three years.

Principal-the amount of money that the lender lends to the borrower

Due-payable at the particular time

Payments are due on the first of every month.

To default-not to pay money that is due.

To take possession of-to become the owner of to take property from another person.

If you default on your car loan the bank will take possession of your car to pay off - to finish paying back

Before you borrow any more money, you should pay off your debts to compute – to figure to calculate

The bank computes interest payments on the principal tenure – the term of the loan

Long term loans may have a tenure of ten years credit rating- the amount, type and term of loans that the credit department of a bank decides that it can offer a customer creditor- lender debtor-borrower, someone who has debts

Vocabulary Practice

Select the answer that correctly completes each sentence.

1.If you need money I can ___ you some.

a.pay back b.borrow c.lend

2.When my friend needed a loan he offered the bank his house as___

a.debt b.term c.collateral

3.James has not paid back two loans. He must have a terrible___

a.Credit Rating b.charge card c.principal

4.If you___your car loan, the bank will take possession of your car

a.pay off b.default on c.compute

5.In order to calculate the monthly payments on your loan, the bank adds the interest to the___ and divides the total by the number of month

a.tenure b.principal c.charge account

AN AUTO LOAN

John Baker works in the loan department of a bank in Denver, Colorado.He is a loan officer.Stanley Fanelli has an appointment with him now to ask about a loan. He needs money to buy a new car.

Mr.B Hello,Mr.Fanelli.Please have a seat. What can I do for you today?

Mr.F I want to borrow some money to buy a car. A friend of mine, Jack Richardson, bought a new car last week . He told me that he got his loan here

Mr.B Oh yes.I remember him. I was the loan officer who spoke with him

Mr.F He said that you were very helpful.I know very little about loans and I hope you can explain things to me

Mr.B I will certainly try. What questions did you have for me?

Mr.F First,I want to know if loans for buying cars are commercial loans or personal loans

Mr.B Neither,Mr.Fanelli.They’re auto loans. A commercial loan is principal that banks lend to businesses. Personal loans are made to individuals, but not for buying cars.

Mr.F What about interest rates

Mr.B The rate of interest currently in effect on auto loans is 16%

Mr.F For how long will I have to make monthly payments?

Mr.B The term of the loan is three years, so there will be 36 monthly payments

Mr.F Do I have to give the bank any collateral?

Mr.B The car serves as collateral. If you default, the bank can take possession of the cars. The bank also checks your credit file to make sure that you always paid back your loans in the past. Do you have any charge accounts?

Mr.F My wife and I bought our furniture wirh our charge card and we even used it to buy airplane ticktes for out vacation in California last year. We paid all about those debts promptly.

Mr.B That’s very good. I assume there will be no problem.But the first thing you have to do is fill cut this loan application

MR.F Thank you very much.I’ll start right now

Comphrehension Check

A.State whether each statement is true or false on the dialogue between John baker and Stanley Fanelli

1. Mr.Fanelli needs a loan to buy his new car

2. A teller gave him the loan

3. Car loans are personal loans

4. The tenure of auto loans is three years

5. Mr.Fanelli doesn’t have any charge account

B. Answer the following questions orally.

1. Which part of the bank takes care of loans?

2. What do you have to fill out if you went a loan?

3. How did Mr. Fanelli learn about loans?

4. What kind of loans is commercial loans?

5. Will Mr. Fanelli make monthly payments?

6. What is the current rate of interest on car loans?

7. How does Mr. fanelli’s new car serve as collateral for the loan?

8. How does the bank decided whether or not to give Mr. Fanelli a loan to buy a new car?

9. What did Mr.Fanelli angd his wife use their charge card for?

10. Did Mr. Fanelli and his wife pay off their debts in the past?

C. Composition. Write a short paragraph explaining what a bank customer has to do in order to get and auto loan.

Building Your Vocabulary

A. Find the words in the right-hand column that match I meaning the words in the left-hand column

1. In effect a. commercial loan

2. Pay back b. collateral

3. Security c. debtor

4. Calculate d. valid

5. Term e. currently

6. At present f.tenure

7. Business loan g. repay

8. Borrower h. compute

9. Money you owe i. default

10. Not pay off j.debt

B. Make each pair of sentences have the same meaning by completing the second the second

Sentences of each pair with the proper form of one of the new words of this lesson.

Model: she look out a loan for $10.000.

The of her loan was $10.000. answer : principal

1. The bank checks information about borrows.

The bank checks borrowers

2. I can buy things at the store with may charge card.

I have a at that store.

3. At last I don’t owe the bank any more money.

I’ve my loan.

4. He owes money to a lot of people

He has a lot of___

5. I have to pay back the loan in six month

The bank gave me a short___loan

PRESENTATION

I.More irregular past tense forms

Buy Bought Stanley Fanelli bought a new car

Know Knew Stanley knew very little about loans

Lend lent The bank lent Stanley money

Make made John Baker made a lot of money last year

Mean Meant He meant he applied for a loan

Pay paid They paid off their debts promptly

See saw I saw the manager of the bank

Take took The bank took possession of his car

Tell told The employee told me the current rate of interest

Think thought I thought it was difficult to get a loan

II.Combining sentences :sentence with two clauses

I know something.He works in a bank.

- I know (that) he works in a bank

He sees something.They have a new car

- He sees (that) they have a new car

See

Know

Think

Beliee

I Guess (that)they bought a car

Suppose

Say

Mean

Hope

Structure Practice

A. Restate each of the following sentences in the past. Then make each sentence negative.

Model : I see Bill. - I saw Bill.

- I didn’t see Bill.

1. Bill buys a new car.
2. The bank lends him the money.
3. He tells me about it.
4. He makes a payment every month.
5. He pays off the loan in four years.

B. Combine each pair of sentences into one.

Model : The loan department is closed. I know it.

- I know the loan department is closed.

1. Interest rates are high. We believe it.
2. Al defaulted on his load. Marry said that.
3. The Browns are not in debt. Everyone supposes so.
4. You have filled out your loan application. I see that.
5. You have enough information. Do you mean that?

C. Rewrite each question and answer as a single sentence having two clauses

Model : “Does Nancy have a new car ?”

“Bill say so”

- Bill says ( that ) Nancy has a new car.

1. “Are isterest rates high for car loans?”

“ I guess so”.

2. “Do george and ellen haven a good credit rating”

“The bank thinks so”.

3. “Do they need a load ?”

“We suppose so”.

4. “Is it easy to open a charge account?”

“We hope so”.

5. “Does the bank ask for collateral for commercial loans?”

“they know so”.

D. Use each string to write a two-clause sentence based on the lesson dialogue. And any necessary word.

Model : Bill/see/Stanley/buy/new car

- Bill sees that Stanley buys a new car

1. Standley fanelli/say/bank/lend him/ money

2. Standley/think/be complicated/to get a loan

3. Jonh barker/explain/be easy/to get a loan

4. bank/know/standley/always/pay back/debts

5. John Barker/suppose/standley/have/charge accounts

Building Sentence

A.Complete each sentences by adding the appropriate preposition.

1. What is the interest rate now effect?
2. Banks lend money businesses and private individuals.
3. You can get a personal loan 15% interest.
4. He’s thinking buying a new car.
5. Did you pay for the hotel room your charge card?

B.Select the form of the verb that correctly completes each of the following sentences.

a. Do you mind my ?

a. ask b. asking

b. I have to some money.

a. borrowing b. borrow

c. Can you me any ?

a. lending b. lend

d. She told me about in the bank.

a. waiting b. wait

e. I asked the teller things.

a. to explain b. for explaining

C.Restate each short sentence by moving the underlined noun to a position before the preceding noun. The sentences form a connected story.

Model: She works in the bank for saving.

- She works in a savings bank.

1. I wanted a loan for a car.
2. I filled out an application for the loan.
3. I asked about the rates of interest.
4. The bank checked the file on my credit.
5. They gave me a loan for three years.

BANKING CONVERSATIONS

1. Explain to a customer what she has to do to get a loan to buy a car.
2. Discuss some of the different kinds of loans that are available at your bank.

QUESTIONS LESSON 1 - 5

Lesson 1
B. Answers the following questions orally.
1. What does a bank manager do?
All of bank manager work to supervise and organize all bank activity.
2. How many windows are open on Fridays?
Six windows.
3. Why do they need so many windows on Fridays?
Because many people get their paycheck on Fridays.
4. What are some of the ways in which customers cause delay?
They forget to endorse their check try to open or dose joint accounts with the signature of only one of the parties.
7. How do term-deposit accounts help a bank get new customers?
By offer certificates of deposit with very high interest rates.
8. Why does the bank manager want her staff to have the latest information on term-deposit accounts?
So that her can advise our depositors correctly.

C. Answer each of the following questions orally.
3. What does “insufficient funds” mean?
Checking accounts balance or depositors keep a minimum balance.

Lesson 3
1. Which part of the bank takes care of loans?
Loan department of bank.
2. What do you have to fill out if you want a loan?
Loan application.
3. How did Mr. Fanelli learn about loans?
Mr. Fanelli usually ask to John Barker to know if loans for buying cars.
4. What kind of loan is a commercial loan?
A commercial loan is principal that banks lend to business.
5. Will Mr. Fanelli make monthly payments?
Yes, he will.
6. What is the current rate of interest on car loans?
16%.
9. What did Mr. Fanelli and his wife use their charge card for?
To buy their furniture and buy airplane tickets.
10. Did Mr. Fanelli and his wife pay off their debts in the past?
Yes, he did.

Lesson 4
1. What kind of a loan does Susan Thomas want to get?
A mortgage.
2. Why hasn’t it been easy to get one?
It seems that two good risks like us wouldn’t have much difficultly in getting financing for a new home / because a lot variable-rate mortgages.
5. What is that changes in a variable-rate mortgage?
Variable-rate mortgages must greatly increase the possibly of the bank’s fore-closing.
6. How often does the bank adjust the interest rate on a variable-rate mortgage?
Variable-rate mortgage they can be adjusted every six months to changes in the interest rates banks.

Lesson 5
1. How would it help Lisa Edwards to have a savings account at the Bay Federal Bank?
If she has a savings account with them, they can use her savings as collateral. Passbook loans are ussualy easier to get. Depending on the information they got from her file at the credit bureau.
2. How will the bank find out about Ms. Edward’s repayment of debts in the past?
They investigate the applicant's character. They find out things such as her employment record. They also want to know how long she has lived at her present address.

SAVING BANKS
Vocabulary
manager – person who directs or conducts the operation of a bank.
Paycheck – check for salary given by an employer to someone who works for him.
Window – the place where bank customers come to give money to or get money from a teller.
To deposit – to put money into the bank.
To withdraw – to take money out of the bank.
A deposit – money that a customers puts into the bank
A withdrawal – money that a customers takes out of the bank.
A depositor – a customer of a bank who has an account there.
A slip – a bank form used to order a deposit or withdrawal when filled out by the customer.
Teller – the person who receives and gives out money in a bank
To endorse – to write one’s name on the back of a check in order to cash or deposit it.
Passbook – a small book that records a depositor’s account. It shows her deposits, withdrawals and interest payments by the bank.
Account – a statement or record of money that the bank owes a depositor; a record of depositor’s deposits and withdrawals.
A savings account – money left in the bank that draws interest.
A joint account – an account shared by two (or more) depositors.
A term-deposit account – an account in which the depositor agrees not to withdraw his money for a period of time.
To open an account – to begin depositing one’s money in a bank.
To close an account – to withdraw all of one’s money from the bank.
Interest – payment by the bank for the use of a depositor’s money.
Party – one of the people interested in a contract; one of the depositors in a joint account.
Delay – slowness; lateness.
Expansion
To fill out – to write the necessary information.
If you want to deposit money you have to fill out a deposit slip.
If you want to withdraw money you have to fill out a withdrawal slip.
To sign – to write one’s name.
Please sign on the last line of the slip.
Signature – a person’s name written by himself.
The bank requires the depositor’s signature for all withdrawals.
Rate – amount or percentage (%)
“What is the current rate of interest on savings accounts?”
“The bank pays 5 ½% interest a year.”
Term-deposit accounts pay higher interest rates than regular savings accounts.
Computer – an electronic machine that does difficult mathematical operations and that has a memory.
Modern banking depends on computers to perform (=do) complex operations.
To accommodate – to take care of, attend to, help.
There was a delay in accommodating the customers because the computer broke down.
Assets – everything that a company or bank owns and that has value (=worth)
Current assets – assets that can be turned readily into cash.
Fixed assets – land, buildings, equipment.
The assets of our bank are over $10,500,000.
Liabilities – money owed by company or bank.
Balance sheet – a statement of a company’s assets and liabilities.
To owe – to have to pay money.
Solvent – being able to pay all money that you owe.
Since his firm’s assets equal the liabilities, his firm is solvent.

A BANK MANAGER SPEAKS
My name is Jane Carson and I’m the manager of a savings bank in Portland, Oregon. My bank is open every day from 8:30 in the morning until 4:00 in the afternoon. On Fridays the bank remains open until 6:30 in the evening.
Friday is our busiest day. Many people get their paychecks on Fridays and they come in to deposit them. I find that on Fridays I have to keep six windows open all day long. My bank tries very hard to reduce the amount of time that customers have to wait for service. We have many signs to remind people that they need their passbooks for all transactions and that they must fill out their deposit or withdrawal slips completely. If our depositors cooperate with us we can accommodate them with us few delays as possible.
Of course, people do forget. The tellers inform me that many customers still forget to endorse their checks or try to open or close joint accounts with the signature of only one of the parties. But I hope that my program of information for customers will reduce such delays.
Banking has changed a lot in recent years. Computers now do much of the work that the tellers used to do. As computers improve, they are able to accomplish more difficult tasks and they help us serve our customers better.
Another important change in banking, especially for savings bank, are the may different term-deposit accounts that are now available to our customers. Since these certificates of deposit offer very high interest rates they help attract depositors to our bank. I make sure that my staff always has the latest information about these accounts so that they can advise our depositors correctly.
My bank is not a very large bank. The total of our current assets and fixed assets comes to 15,550,000 dollars. I’m proud of our balance sheet. Although some banks across the country are having difficulties, my bank has more assets than liabilities. We are solvent and growing. The number of customers we serve has increased this year and I expect that it will continue to grow in the future.

Lesson 4

*Structure Practice*

A. Rewrite the following story in the present

1. Sam is making a deposit

ü Sam has made a deposit

2. He is filling out a deposit slip

ü He has feeld out a deposit slip

3. He is bringing the slip and his money to the teller

ü He has brought the slip and his money to the teller

4. The teller is taking the deposit from Sam

ü The teller has taken the deposit from Sam

5. The teller is saying “ thank you “

ü The teller has said “ thank you “

B. Rewrite the following paragraph in the present perfect

1. Tom and Alice buy a car

ü Tom and Alice bought a car

2. They get an auto loan

ü They have got an auto loan

3. The bank gives them the loan at 16%

ü The has given them the loan at 16%

4. Interest rates rise a lot

ü Interest rates have risen a lot

5. They tell me the loan is for three years

ü They have told me the loan is for three years

C. Select the form of the verb that correctly completes each sentence

1. The price of gasoline is risen(b) steadily

2. My bank has not yet begun(c) to offer variable-rate mortagages

3. Hasn’t she spoken(a) with the people in the loan department yet?

4. Since he defaulted on his mortgage payments, the bank taken(b)

possession of his house.

5. Does he hold(a) a good job?

6. How many checks did you write(a) this month ?

7. We’ve known(a) about variable rate mortgages for a long time.

8. They say that interest rates are falling(b)

* Building Sentences *

A. Complete each of the following sentences with the appropriate preposition

1. He’s teller in/at the Riverside Bank

2. We want to get financing for/to a new house

3. I’ve learned a lot of mortgages

4. They paid the same rate of thirty years

5. The bank insists of variable-rate mortgages.

B. Rewrite each og the following sentences replacing must with be forced to

1. The bank must close

ü The bank is forced to close

2. He must accept a variable-rate mortgage

ü He is forced to accept a variable-rate mortgage

3. We must raise our fees

ü We are forced to raise our fees

4. I must report this to the manager

ü I am forced to report this to the manager

5. They must apply for a loan at a different bank

ü They are forced to apply for a loan at a different bank

* Reading Plus *

Question

1. What index does the Brookline Savings Bank use to determine current

mortgage rates?

The index used by the Brookline Savings Bank is the Federal Home Loan

Bank Board’s Conventional Home Mortgage Closing Rates, All Lenders/All

Home ( U.S. Effective Rate) as most recently published in the FHLBB

First District Facts, rounded to the nearest ¼ of 1%.

2. What causes changes in the cost of money that a savings bank lends ?

Cause the cost of money a savings bank lends to you changes with the rate of interest it pays its depositors, the VRM is an equitable method of financing for both home buyers and lenders

3. How long is guaranteed-rate period ?

Guaranteed-rate period is ranging from six months to five years.

4. By how much may the bank increase your mortgage rate?

The bank increase my mortgage rate if the indeks is ¼% or more above my mortgage rate, an increase may be made at the option of the bank.

5. Must the bank increase your mortgage rate if the FHLBB rate increases?

If it decreases?

No. If the FHLBB rate is ¼% or more above my mortgage rate, an increase may be made at the option of the bank. If the FHLBB rate is is ¼% or more below my mortgage rate, my mortgage rate must be decreased by the bank.

6. Is there any limit to how high your rate can go over the life of the mortgage?

There is,however, no limit to how high or low my rate can go over an extended period of time.

7. When does the bank inform the mortgage about changes in his or her mortgage rate ?

The bank inform the mortgage about changes in his or her mortgage rate at least 30 days before the new rate is go into effect.

8. Study the example of the $50.000 loan

a. What was the initial rate ?

The initial rate was 9.10 %

b. How many increases were there over these five years ?

There over these five years is 6 increases from 12 months until

42 months

c. How many decreases ?

Decreases is 3 from 48 months until 60 months

d. How much did monthly payments rise over the five years ?

Monthly payments rise over the five years is $54,71

Lesson 5

* VOCABULARY *

credit_ confidence or trust in the borrower's promise to repay a loan;(colloquially) the loan itself
kredit_ keyakinan atau percaya pada janji peminjam untuk membayar pinjaman; (bahasa sehari-hari) pinjaman itu sendiri

consumer credit_ credit that a bank gives to individual borrowers to help them buy household appliances or to finance improvements intheir homes
kredit konsumen _kredit bank yang memberikan kepada setiap peminjam untuk membantu mereka membeli peralatan rumah tangga atau untuk membiayai perbaikan di rumah mereka

passbook loan_a loan that a bank gives to a borrower who uses his savings account as collateral
rekening pinjaman_ pinjaman bank yang memberikan kepada seorang peminjam yang menggunakan rekening tabungan sebagai jaminan

credit bureau_an agency that gathers information about how people have repaid their loans in the past
biro kredit_sebuah lembaga yang mengumpulkan informasi tentang bagaimana orang-orang sudah mengembalikan kredit di masa lalu

reporting agency_(here) another name for a credit bureau
agen pelaporan_di sini) nama lain untuk sebuah biro kredit

data_information
data_ informasi

character_a person's moral qualities
karakter_kualitas moral seseorang

capacity_ability
kapasitas _kemampuan

loan agreement_a contract between a lender and a borrower
perjanjian pinjaman_sebuah kontrak antara pemberi pinjaman dan peminjam

cash flow_enough cash to meet one's obligations; the movement of money to and from a firm or individual
arus kas_cukup uang untuk memenuhi kewajiban seseorang; pergerakan uang ke dan dari suatu perusahaan /individu

budget_a list of costs and expenses
anggaran_ daftar biaya dan pengeluaran

profile_a budget that helps a borrower determine his capacity to repay a loan
profil_anggaran yang membantu menentukan kemampuan peminjam untuk membayar pinjaman

Tugas Inggris

LESSON 4

What is a variable rate mortagage ?

      The Variable rate Mortagage ( VRM ) is a form of home financing which uses a flexible interest rate that increases or decreases as it seeks the level of a carefully monitoried index. The index used by the Brookline Savings Bank is the Federal Home Loan Bank Board'd " Conventional Home Mortagage Closing Rates, All Lenders/ All Homes ( U. S. Effective Rate ) " as most recently published in the FHLBB First District Facts, rounded to the nearest 1/4 . The FHLBB rate is specifically recommended as the basis for an index by the Massachusetts Commissioner of Banks.
       Because the cost of money a savings bank lends to you changes with the rate of interest it pays its depositors, the VRM is anequitable menthod of financing for both home buyers and lenders. VRMs hlp to assure a continous flow of money to home finaning, by better enabling the bank to pay a competitive interest rate to depositors for the money it lends.


1. What index does the brookline savings bank use to determine current mortagage rates?
* The index used by the Brookline Savings Bank is the Federal Home Loan Bank Board'd " Conventional Home Mortagage Closing Rates, All Lenders/ All Homes ( U. S. Effective Rate ) " as most recently published in the FHLBB First District Facts, rounded to the nearest 1/4 . The FHLBB rate is specifically recommended as the basis for an index by the Massachusetts Commissioner of Banks.

2. What causes changes  in the cost of money that a savings bank lends ?
* VRMs hlp to assure a continous flow of money to home finaning, by better enabling the bank to pay a competitive interest rate to depositors for the money it lends.

3. How long is the quaranteed rate period ?
* After n initial guaranteed rate period, ranging from six month to five years

4. By how much may the bank increase your mortagage rate ?
* If the index is 1/4 % or more above your mortagage rate, an increase may be made at the option of the bank

5. Must the bank increase your mortagage rate if the FHLBB rate increases? if it decreases ?
* If the index is 1/4 % or more below your mortagage rate, your mortagage rate must be decreased by the bank

6. Is there any limmit to how high your rate can go over th life of the mortagage ?
* Only one rate change is permited every six months and it cannot be for more than 1/4 of 1 %. there is, however a limit to ow high or low your rate can go over an extended period of time

7. When does the bank inform the morgagor about changes in his or her mortagage rate ?
* After your initial guaranteed rate period, your mortagage rate will be reviewed every six month.

8. Study the example of the $50,000 loan.
a. What was a initial rate ?
b. How many increases were there over these five years?
c. How many descreases?
d. How much did monthly payments rise over the five years?

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Ohh wooaah (3x)
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My first love broke my heart for the first time,
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Luda
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Baby, baby, baby ohh
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I thought youd always be mine, mine

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Like baby, baby, baby noo
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I thought youd always be mine, mine

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Yeah, yeah, yeah (6x)
(Now Im all gone, now im all gone, now im all gone)
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