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