Team 1
0
Team 2
0
Teams
Name
Score
1
2
3
4
5
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8
9
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16
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thief
Give points!
5
10
15
20
25
×
rocket
Go to first place!
Okay!
×
rocket
Go to first place!
Okay!
×
baam
Lose 10 points!
Oops!
15
×
This type of loan does not require collateral so it is more risky for the lender
unsecured
secured
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15
×
interest rate remains constant during the duration of the loan
fixed rate
variable rate
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15
×
If you purchase a $750 Playstation on a credit card and make the minimum payment, about how long will it take to pay it off?
2 years
3 months
over 5 years
1 year
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15
×
Someone who agrees to take on the repayment of the loan if it goes unpaid.
bank
cosigner
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15
×
Which word represents the total cost of the item youâre purchasing on credit minus any down payment you make upfront?
APR
interest rate
term
principal
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×
trap
No points!
Oops!
×
shark
Other team loses 15 points!
Okay!
×
gift
Win 25 points!
Okay!
×
thief
Give points!
5
10
15
20
25
15
×
the amount over which you pay back your principal and interest
interest
principal
term
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15
×
percentage you are being charged for the right to borrow the money
principal
interest
term
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15
×
interest rate can change during the duration of the loan
variable rate
fixed rate
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15
×
Each of the following represents an installment loan EXCEPTâĶ
credit card
auto loan
student loan
home mortgage
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15
×
This type of loan requires collatoral the lender can take if you don't pay
secured loan
unsecured loan
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15
×
amount you are borrowing
interest
principal
term
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×
boom
Lose 50 points!
Oops!
×
star
Double points!
Okay!
×
shark
Other team loses 15 points!
Okay!
×
baam
Lose 5 points!
Oops!
15
×
Why might someone consider choosing a loan with the lowest monthly payment?
Low payments fit better in their monthly budget
Low payments help you pay off your loan more quickly
Low payments indicate a low interest rate
Low payments eventually lead to lower total interest paid
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15
×
Your credit score and the loan determine the interest rate that will be charged
False
True
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