qm semester one

An APR of 25.99% in decimal form is....

• .02599

• .2599

• 2.599

• 25.99

APR stands for

• annual profit rate

• annual percentage rate

• annual participation rate

• annuity profit range

Tags

CCSS.7.RP.A.3

An APR of 5.4% in decimal form is....

• .54

• .054

• 5.4

• .0054

The original amount of money that is borrowed. The amount decreases when you make a payment.

• Annual percentage rate (APR)

• Loan amount or principal

• Down payment

• Loan terms

The fee charged for the use of money.

• Auto loan

• Loan terms

• Down payment

• Annual percentage rate (APR)

Tags

CCSS.7.RP.A.3

What is the term of a loan?

• No more than 5 years

• The time period in which you agree to pay back the loan

• How long you have on your loan before you start getting charged interest

A loan obtained when you purchase a home and use the home as collateral is a(n)

• unsecured debt 
• foreclosure
• mortgage
• assessment 

What is a finance charge?

• The amount of interest charged to an account for the billing cycle. 
• A fixed annual percentage rate of the finance charge.
• A charge from the bank for getting a credit card. 
• None of the above. 

Tags

CCSS.7.RP.A.3

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.3

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.7.3

How can you avoid paying interest fees on your credit card?

• Only use it for groceries
• pay off the full balance, on time, each month
• you cannot avoid interest fees
• only use Discover