Consumer Math Unit 5

A credit union or bank will always lend money to a student, even if she/he has no job, bank account or trust fund.

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If you want to borrow money, it is wise to shop for the lowest interest rate

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Credit unions, banks, and savings and loan institutions all operate under the same lending laws.

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The 20-10 rule advises you to borrow no more than 20% of your yearly take home pay with payments of no more than 10% of your monthly net pay.

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If your monthly salary is $400, your total monthly payments should be $80 or less.

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Installment buying is a form of borrowing money.

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Before you sign a contract, you should read all of it carefully.

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The "Truth-in-Lending" Law informs you of the Annual Percentage Rate (APR) from any lending institution.

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The price of the car, minus the down payment, is the total amount that must be repaid to lender.

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Buying a car is the most expensive item that you will ever buy

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