Personal Finance Loan Vocabulary 1
Authored by Derek Cone
Social Studies
9th Grade
Used 8+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ranges from 300 to 850. A good score is at least 670.
Fixed Interest Rate
Loan Amortization
Credit Score
APR
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An individual who agrees to sign a loan to help someone with a lower
credit score or no credit history qualify for a loan.
Co-Signer
Borrower
Co-Borrower
Grace Period
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The interest rate remains the same for the duration of the loan.
Loan Amortization
Variable Interest Rate
APR
Fixed Interest Rate
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When someone agrees to be jointly responsible for paying back a loan
with you.
APR
Co-Borrower
Borrower
Co-Signer
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the borrower isn’t responsible for making repayments, however, interest usually accrues.
Grace Period
Fixed Interest Rates
Installment Loan
Co-Signer
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a borrower doesn’t pay back the loan as promised.
Hard Credit Check
Installment Loan
Default
Grace Period
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What a lender does when you apply for a loan. It may drop your credit score. Remains on your credit report from 12 months to 2 years.
Loan Amortization
Installment Loan
Grace Period
Hard Credit Check
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