Mortgages and Lending Quizizz

Mortgages and Lending Quizizz

9th - 12th Grade

30 Qs

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Mortgages and Lending Quizizz

Mortgages and Lending Quizizz

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Jennifer McCall

Used 19+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens to the loan amount when you put down a larger down payment?

Decreases

Increases

No change

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens to the cost of a loan when the APR is higher?

Loan cost increases
Loan cost decreases
No change

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the consequence of having a poor credit score?

You have to take an economics course.

May pay a higher APR

May pay a lower APR

Must declare bankruptcy

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

You want to pay less in overall interest. Every loan APR is the same. Select the best mortgage for you.

10 year loan
15 year loan
20 year loan
30 year loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fixed rate means

The rate will stay the same for 5 years

The rate will stay the same for 2 years

The rate will stay the same for the length of the loan

The rate will stay the same for 1 year

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ARM stands for

Annual reduction mortgage

Appreciation rate monthly

Almost ridiculous math

Adjustable rate mortgage

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The higher your FICO score....

The higher your interest rates will be

The worse you are at managing money

The lower your interest rates will be

The worse your credit

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