Consumer Law - Credit

This is considered the amount of the loan

• Finance Charge

• Installment Price

• Amount Financed

Answer explanation

Finance means loan!!

Amount Financed = Amount of Loan

This is what you are charged in interest when taking out an installment loan

• Finance Charge

• Installment Price

• Amount Financed

Answer explanation

This is the interest on an installment loan, it is now called finance charge, which refers to the charge applied when financing something

The _______ is the portion of the cash price that is owed on an item after making the down payment. 

• down payment 
• amount financed 
• final payment 
• installment loan

The _____ _____ ______ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

• repayment schedule 
• single payment loan 
• annual percentage rate
• term 

A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit

• down payment
• maturity value 
• promissory note 
• final payment 

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

• single payment loan 
• installment loan
• maturity value 
• ordinary interest 

Your credit score determines how successful you will be in obtaining a loan

• True

• False

Which one of these is NOT one of the 3 main Credit Bureaus?

• Equifax

• Experian

• FICO

• TransUnion

What is the most important factor of a credit score?

• Types of credit

• Payment History

• Amount of debt

• Inquires

The highest FICO score possible is:

• 1600

• 1000

• 850

• 700