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2.
They take out a small fee each month from your checking account
3.
Mortgage
Overdraft
Credit Card
Auto loan
Student loan
Mortgage
Overdraft
5. If the collateral for your secured loan can be taken away, why get a secured loan at all?
Because they usually have a higher interest rate
7. True or False: A cosigner's credit history can be affected by the loan they are cosigned on.
True
False
8.
Why does the amount of INTEREST you owe on a loan decrease over time?
9. What information on a Schumer Box should NOT you focus on when choosing a credit card?
The term of the credit card
Grace Period
Fees
10. How do you avoid paying interest on your credit card (or any other loan for that matter)?
Pay interest 1st, then pay what you can on leftover balance
Pay the principal 1st, then pay what you can on interest
11.
Which is TRUE when you make only the minimum payment each month?
You are charged interest on the remaining balance
12. When can personal loans be a better option than credit cards? (2 answers)
13.
14. A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.
higher, less
lower, more
higher, more
lower, less
15. Which of the following is TRUE about an auto LOAN and a LEASE? (2 choices)
You must give the car back when a lease has expired
16.
True or False: Landlords are required to submit your payment history, which can boost your credit
score.
True
False
17.
Which is FALSE about what can happen if you fail to make your mortgage payments?
After one missed payment, you can lose your home
18.
20.