Lecture- Borrowing Money

Multiple Choice

Bell Ringer:

What is the purpose of a mortgage?

• To finance a home

• To start a business

• To pay for educational expenses

• Finance the purchase of a car

Multiple Choice

What is the typical duration of an auto loan?

• 12 months

• 3-5 years

• 10 years

Multiple Choice

What can happen if you don't make your morgage payments?

• Lender takes legal action

• Lender repossess your car

• Lender forecloses on your home

• Lender can not take your home

Dropdown

A cosigner takes​

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for the det if you fail to repay the loan. It is a way you can ​

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a positive credit history.