Unit 13 14 15 Loans Vocab

​Unit 13, 14, & 15: Loans

Vocabulary ​

13: Car Loans 14: Mortgages 15: Student Loans

Open Ended

Question of the day:

If you had access to the perfect costume, what would you be for Halloween?

​Unit 13: Car Loans

Vocab

​

Multiple Choice

the percentage rate used to calculate the amount of interest an account, loan or debt will accrue per year; takes into account the interest rate and any fees or other charges on the account, so is often higher than the interest rate alone

• warranty

• lease

• APR

• Simple Interest Loan

Multiple Choice

a loan where interest only accrues on the principal, interest does not roll into the principal making it larger

• warranty

• lease

• APR

• Simple Interest Loan

Multiple Choice

a guarantee that a car will meet certain requirements within a set amount of time

• warranty

• lease

• APR

• Simple Interest Loan

Multiple Choice

renting a car, usually longer than one year

• warranty

• lease

• APR

• Simple Interest Loan

Multiple Choice

take out a loan to purchase a car

• term

• amortization schedule

• down payment

• finance

Multiple Choice

the duration of a loan

• term

• amortization schedule

• down payment

• finance

Multiple Choice

a sum of money paid on purchase day

• term

• amortization schedule

• down payment

• finance

Multiple Choice

a table showing how much money will be paid in interest and towards the principal of a loan, broken down by month

• term

• amortization schedule

• down payment

• finance

​Unit 14: Mortgages

Vocab

​

Multiple Choice

a simple interest home loan

• mortgage

• home inspection

• realtor

• offer

• closing costs

Multiple Choice

a licensed professional who represents a buyer or seller of a home

• mortgage

• home inspection

• realtor

• offer

• closing costs

Multiple Choice

the amount of money a person is willing to pay for a home

• mortgage

• home inspection

• realtor

• offer

• closing costs

Multiple Choice

a licensed professional's opinion of the physical state of a home

• mortgage

• home inspection

• realtor

• offer

• closing costs

Multiple Choice

an amount of money paid at a mortgage's closing date

• mortgage

• home inspection

• realtor

• offer

• closing costs

Multiple Choice

the date the mortgage paperwork is signed and finalized

• insurance

• closing

• current APR rates

• real estate tax

Multiple Choice

annual taxes paid on a home, based on the value of the home, usually paid quarterly or rolled into a mortgage

• insurance

• closing

• current APR rates

• real estate tax

Multiple Choice

an agreement between a homeowner and an insurance agency that the agency will pay for damaged to the home if they occur*

• insurance

• closing

• current APR rates

• real estate tax

Multiple Choice

the annual percentage rate to borrow money for a loan available at the time

• insurance

• closing

• current APR rates

• real estate tax

Multiple Choice

an online tool that automatically calculates mortgage amortization and monthly mortgage payment based on entered home value, APR and any associated fees

• principal

• mortgage insurance

• mortgage points

• mortgage calculator

Multiple Choice

the amount of money currently owed on a loan

• principal

• mortgage insurance

• mortgage points

• mortgage calculator

Multiple Choice

protects the bank against nonpayment of a mortgage. Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP) are two types of mortgage insurance. [please don't get this one wrong]

• principal

• mortgage insurance

• mortgage points

• mortgage calculator

Multiple Choice

can be purchased to reduce the APR on a mortgage. Each point costs 1% of the home's assessed value

• principal

• mortgage insurance

• mortgage points

• mortgage calculator

​Unit 15: Student Loans

Vocab

​

Multiple Choice

grants, scholarships and loans to pay for college

• scholarship

• grant

• direct loan

• private loan

• financial aid

Multiple Choice

an amount of money used to pay for college that does not have to be paid back; based on need

• scholarship

• grant

• direct loan

• private loan

• financial aid

Multiple Choice

an amount of money used to pay for college that does not have to be paid back; based on academics or sports

• scholarship

• grant

• direct loan

• private loan

• financial aid

Multiple Choice

a U.S. government student loan

• scholarship

• grant

• direct loan

• private loan

• financial aid

Multiple Choice

a loan issued by a bank

• scholarship

• grant

• direct loan

• private loan

• financial aid

Multiple Choice

some interest paid by the government

• loan repayment term

• grace period

• subsidized

• unsubsidized

Multiple Choice

no interest is paid by the government

• loan repayment term

• grace period

• subsidized

• unsubsidized

Multiple Choice

the number of years to pay back a student loan

• loan repayment term

• grace period

• subsidized

• unsubsidized

Multiple Choice

a period of time after graduation when a loan does not have to be paid back

• loan repayment term

• grace period

• subsidized

• unsubsidized

Multiple Choice

a pause to student loan payments; qualifying reason is necessary

• default

• deferment

• capitalized interest

• forbearance

Multiple Choice

adding any accrued interest into a loan's principal

• default

• deferment

• capitalized interest

• forbearance

Multiple Choice

a pause to student loan payments; qualifying reason is not necessary

• default

• deferment

• capitalized interest

• forbearance

Multiple Choice

failure to pay a loan

• default

• deferment

• capitalized interest

• forbearance