
MCP Financial Literacy Borrowing (2)
Authored by Romeo Love
Life Skills
12th Grade
Used 4+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
APR stands for
annual profit rate
annual percentage rate
annual participation rate
annuity profit range
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Grace Period?
A period where you don't have to pay interest
A period where if you pay, then you don't have to pay interest
A period where the Bank will give you extra time to pay off what you owe
A period where interest is accumulating but you don't have to pay it
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In order to qualify for Federal student loans…
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Both an auto loan and a mortgage are examples of a secured debt.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If my credit score is low at a 600, should my interest be high or low
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money that the lender lends to the borrower is called the....
principal
down payment
default
collateral
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The longer the loan term the less total interest you pay.
False
True
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