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5.0 Types of Credit
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Someone who agrees to take on the repayment of the loan if it goes unpaid.
 
cosigner
 
bank
Your credit score and the loan determine the interest rate that will be charged
 
True
 
False
This type of loan does not require collateral so it is more risky for the lender
 
unsecured
 
secured
This type of loan requires collatoral the lender can take if you don't pay
 
secured loan
 
unsecured loan
the amount over which you pay back your principal and interest
 
term
 
principal
 
interest
percentage you are being charged for the right to borrow the money
 
interest
 
principal
 
term
amount you are borrowing
 
principal
 
interest
 
term
interest rate remains constant during the duration of the loan
 
fixed rate
 
variable rate
interest rate can change during the duration of the loan
 
variable rate
 
fixed rate
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?
 
over 5 years
 
1 year
 
2 years
 
3 months
Why might someone consider choosing a loan with the lowest monthly payment?
 
Low payments fit better in their monthly budget
 
Low payments indicate a low interest rate
 
Low payments eventually lead to lower total interest paid
 
Low payments help you pay off your loan more quickly
Each of the following represents an installment loan EXCEPT…
 
credit card
 
home mortgage
 
auto loan
 
student loan
Which word represents the total cost of the item you’re purchasing on credit minus any down payment you make upfront?
 
principal
 
term
 
interest rate
 
APR


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