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Consumer Loans

Authored by Amy Wilkewicz

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University

6 Questions

Used 53+ times

Consumer Loans
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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A Home Equity Line of Credit can be used for? Select the best answer.

Any purpose

Debt consolidation

Home improvements

Mortgage

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A fixed rate is an interest rate that...?

Changes monthly

Changes once every five years

Changes yearly

Doesn't change for the life of the loan

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is equity?

A checking and savings account

Computer software

Difference between the value of the home and the dollar amount owed on the mortgage

The amount owed on the mortgage

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which revolving line of credit product is secured by the equity in the home?

Elan Credit Card

HELOC

Home Improvement Loan

Mortgage

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which state is not able to use the HELOC for Automatic Overdraft Protection?

Michigan

Texas

Arizona

Florida

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following loans does not have a fixed rate?

Car loan

Boat loan

Unsecured loan

Home Equity Line of Credit (HELOC)

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