Understanding Loans

Understanding Loans

12th Grade

10 Qs

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Understanding Loans for Students

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Review for Unit 7 Test

Review for Unit 7 Test

Understanding Loans

Understanding Loans

Assessment

Quiz

Mathematics

12th Grade

Easy

Created by

Megan Smith

Used 7+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR stand for?

Annual Principal Ratio

Annual Percentage Rate

Annual Performance Racing

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the 3 student loans?

Subsidized Loan

Mortgage Loan

Private Loan

Unsubsidized Loan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a fixed rate?

Interest rate that can change

Amount of time you have to pay off the loan

Interest rate that stays the same throughout the term

Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Equity?

The amount of money you borrow for the house

The house

The difference of how much the property is worth and how much borrowed.

The terms on the loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the Consumer?

The person lending the borrowed money

The person borrowing the money

How much you apply for a credit card

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Closed-End Loans?

Monthly payments towards a loan

Consumers can continue to use this loan

One time fixed amount loan

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is Collateral?

Check the two examples:

Car

A Financial Asset

Your grandma

House

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