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Personal Finance Loan Vocabulary 1

Authored by Derek Cone

Social Studies

9th Grade

Used 8+ times

Personal Finance Loan Vocabulary 1
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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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