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- Multiple ChoicePlease save your changes before editing any questions.
In Month 1 of this loan it accounts for $1,041.50 of the payment. In Month 350, the debtor only need to pay 59.60 towards this amount. The cost of borrowing money is referred to as _______________.
Interest
Annual Percentage Rate
Credit
Credit Line
- Multiple ChoicePlease save your changes before editing any questions.
The amount charged if your payment is received after the billing due date.
late payment fee
overdue fee
withdrawal fee
loser fee
- Multiple ChoicePlease save your changes before editing any questions.
The maximum amount you are allowed to carry as a balance on the card
interest
ARP
credit limit
all of these
- Multiple ChoicePlease save your changes before editing any questions.
One of the 3 C's of credit that shows a person's willingness to pay is
capital
collateral
character
capacity
- Multiple ChoicePlease save your changes before editing any questions.
Benefits of credit cards include:
safe and convenient, bonuses are offered
allows you to build a positive credit report
needed for reservations and online shopping
all of these
- Multiple ChoicePlease save your changes before editing any questions.
Which one is considered a danger of using a credit card
no cash needed
leads to overspending
convenient
earns rewards
- Multiple ChoicePlease save your changes before editing any questions.
Your credit score is not configured off of which of the following:
Payment history
Amount owed
Where you live
Length of credit history
- Multiple ChoicePlease save your changes before editing any questions.
One of the 3 C's of credit that shows one's ability to pay is
capital
collateral
character
capacity
- Multiple ChoicePlease save your changes before editing any questions.
To build a good credit history, you should
open as much credit as possible quickly
use the maximum credit allowed on all your credit cards
pay on time and as much of your balance as possible
all of these
- Multiple ChoicePlease save your changes before editing any questions.Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.truefalse
- Multiple ChoicePlease save your changes before editing any questions.
One of the 3 C's of credit that refers to property that secures the loan is
capital
collateral
character
capacity
- Multiple ChoicePlease save your changes before editing any questions.What is a credit score?A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debtsA five-digit numerical rating that reflects how likely you are to repay your debt.A three-digit numerical rating that reflects how likely you are to repay your debt.A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
- Multiple ChoicePlease save your changes before editing any questions.What financial habits determine your credit score?Payment History & Amount you oweLength of credit history & Amount of new credit applied for recentlyTypes of credit openAll of these are correct
- Multiple ChoicePlease save your changes before editing any questions.
A _________ goes directly towards a balance on a loan. It does not got towards any interest.
Payment
Principal Disbursement
Regular Payment
Principal Payment
- Multiple ChoicePlease save your changes before editing any questions.
Another name for the amount of money borrowed at the start of loan.
lien
collateral
interest
principal
- Multiple ChoicePlease save your changes before editing any questions.
Money charged by the lender for the amount borrowed, expressed as an annual percentage.
Interest rate
collateral
principal
loan
- Multiple ChoicePlease save your changes before editing any questions.
mortgages are loans for property. If you fail to pay back your loans what can the bank do?
take your property away
send you to jail
make you pay a fine
all of these are correct
- Fill in the BlankPlease save your changes before editing any questions.
What is the scale for credit scores? 300 to ____________
- Fill in the BlankPlease save your changes before editing any questions.
This makes up 35% of your credit score and is the most important factor in figuring your credit score?