Unit 2 Quiz Warm Up (EPF)

Give an example of a secured loan.

A type of loan where the interest rate can change.

The typf of loan that the interest rate does not change.

Why should you avoid payday lenders?

What is the highest credit score anybody can earn?

Which of the following is the largest factor in determining your credit score?

• length of credit history

• payment history

• amounts owed

• mix of credit

What are the parts of a credit report? (Choose all that apply)

• credit history

• list of assets

• public records

• recent inquiries

Calculate the simple interest for a loan of $3500 at 3.5% for 3 years.

Calculate the account total interest for a savings account opened 9 years ago for $1400 and a simple interest rate of 2.25%.

You want to purchase a savings bond which is paying 7.2% interest. You spend $4500 at the age of 18. How many times will your investment double if you wait until you are 68 to cash it in?