E Learning Loans Week in Review

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

• Decreases
• Increases
• No change

Tags

CCSS.7.RP.A.3

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

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

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

• 0%
• 5%
• 10%
• 20%

Tags

CCSS.7.RP.A.3

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

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

• 45% - 50%

• 40% - 45%

• 35% - 40%

• Less than 35%

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

• HOA

• PMI

• Taxes

• insurance

• principal payment

Private student loans have better interest rates than government student loans

• True
• False

Tags

CCSS.6.EE.B.8

This is money you can get to pay for college, which has to be paid back.

• Scholarhip
• Grant
• Student Loan
• College Savings

A subsidized loan is when ____________________ pays the interest while you are in school, while an unsubsidized loan is when ___________________ pays the interest while you are in school.

• the government; parents
• the borrower; parents
• the borrower; the government
• the government; the borrower

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5