NSC HOME LOANS QUIZ IZ

My friend offered the bank his house as .... when he needed a loan.

• collateral

• debt

• term

• tenure

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

The bank will take possession of your car if you .... your car loan.

• pay off

• default on

• endorse

• compute

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

The amount of money that the lender lends to the borrower is called ....

• principal

• tenure

• default

• collateral

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

Loans for buying cars are called ....

• commercial loans

• personal loans

• auto loans

• loan application

To make sure if the loan applicant always paid back the loans in the past, the bank will check the customer's....

• Credit History

• Medicare card

• charge account

• Bank account

The first thing that the customer needs to do to take a loan is ....

• fill out the loan application

• compute the interest payments on the principal

• check the customer's information in the credit file

• decide tenure of the loan

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

A variable interest rate

• Stays the same

• Is constantly changing

• Is the best interest rate to have all the time

• is the only way we can be charged interest

The bank adds the interest to the .... to calculate the monthly payment of your loan.

• principal

• tenure

• charge account

• credit file

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

A person has a lot of .... if he owes money to a lot of people.

• debts

• credits

• loans

• principals

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

By simply increasing the amount you are paying per week, you will

• Reduce the principal

• Reduce the interest paid

• Reduce the loan term

• All of the above