A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges.

The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.

A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

The loan is "secured" on the borrower's property.

This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.

Canada (French) is a country in the northern half of North America.

Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering, making it the world's second-largest country by total area and the fourth-largest country by land area.

Canada's border with the United States is the world's longest binational land border.

The majority of the country has a cold or severely cold winter climate, but southerly areas are warm in summer.

Canada is sparsely populated, the majority of its land territory being dominated by forest and tundra and the Rocky Mountains.

It is highly urbanized with 82 per cent of the 35.15 million people concentrated in large and medium-sized cities, many near the southern border.

One third of the population lives in the three largest cities: Toronto, Montreal and Vancouver.

Its capital is Ottawa, and other major urban areas include Calgary, Edmonton, Quebec City, Winnipeg and Hamilton.

An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum).

The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.