Financial Algebra ch. 3 Credit

Routinely paying my bills late could negatively affect my credit history.

• True
• False

When I apply to borrow money for a car, the loan company will most likely look at my credit history.

• True
• False

Payday loans, or loans that are offered on the agreement that they will be repaid the next time someone receives their paycheck, typically have:

• High interest rates

• Low interest rates

• No interest at all

• Variable rates

PIN stands for...

• Personal Interest Numbers

• Peer Investing Navigator

• Perfect Interest Note

• Personal Identification Number

Credit that is automatically renewed as debts are paid off:

• Revolving Credit

• Promotional Rate

• Free Credit

• Collateral Credit

When the bank takes back an object that was used as collateral, rented, or leased:

• Late Fee Dues

• Penalty

• Foreclosure

• Repossession

What is the monthly periodic rate on a loan with an APR of 28.8%?

• 2.4%

• 28.8%

• 14.4%

• 2.88%

Faith is taking an $8100, 2 1/2 year loan with an APR of 3.22%. What is the monthly payment for this loan?

• 227.35

• 281.38

• 271.54

• 241.52

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. How much is the down payment?

• 1236.75

• 261.90

• 218.25

• 1455.00

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. What is the total amount of monthly payments?

• 1455.00

• 1454.04

• 1444.00

• 14.00