Using Credit 2

Front

What is the principal amount for the new boat?

Back

$45,000

Front

What should you know about the type of loan you are receiving?

Back

Whether it is tied to collateral

Front

What is collateral in terms of a loan?

Back

Security pledged for repayment of a loan

Front

What should you do if you are unsure about your loan terms?

Back

Ask for clarification

Front

Which type of loan relies solely on credit history and income to qualify? Options: Secured loan, Federally funded student loan, Private student loan, Unsecured loan

Back

Unsecured loan

Front

Which loan type offers better repayment terms due to federal funding?

Back

Federally funded student loan

Front

What is the primary factor for qualifying for an unsecured loan?

Back

Credit history and income

Front

How much interest is paid in the first month for good credit?

Back

$41.50

Front

What is the new balance on the statement date?

Back

236.84

Front

What is the periodic rate for purchases?

Back

1.43%