E Learning Loans Week in Review

E Learning Loans Week in Review

12th Grade

19 Qs

quiz-placeholder

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E Learning Loans Week in Review

E Learning Loans Week in Review

Assessment

Quiz

Other

12th Grade

Medium

CCSS
7.RP.A.3, 6.RP.A.3A, 8.F.A.2

+9

Standards-aligned

Created by

Akta Naik

Used 1+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens to the loan amount when you put down a larger down payment?

Decreases
Increases
No change

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens to the cost of a loan when the APR is higher?

Loan cost increases
Loan cost decreases
No change

Tags

CCSS.6.RP.A.3A

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the consequence of having a poor credit score?

None of these answers are correct
May pay a higher APR
May pay a lower APR
Go to jail

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

I avoid paying a PMI if I make a down payment of __________________ or more.

0%
5%
10%
20%

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

You want to pay less in overall interest. Every loan APR is the same. Select the best mortgage for you.

10 year loan
15 year loan
20 year loan
30 year loan

Tags

CCSS.8.F.A.2

CCSS.HSF.IF.C.9

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percent of your monthly NET income should your monthly mortgage, taxes, and insurance be?

45% - 50%

40% - 45%

35% - 40%

Less than 35%

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Mark the following items that everyone is required to pay on a mortgage loan

HOA

PMI

Taxes

insurance

principal payment

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