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Good Loan | Bad Loan

Authored by Lauren Taylor

Social Studies

9th - 12th Grade

Used 6+ times

Good Loan | Bad Loan
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interest?

When you like someone

The extra money you pay back someone for a loan

Money you charge for an item that someone is particularly keen on

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much interest are you charged on a student loan?

0%

1.5%

5%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When do you have to repay a Student Loan?

As soon as you get a job

When you start earning over a certain amount

When you can afford to pay 12% of your earnings

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you ask yourself before taking out a loan?

Is it the cheapest deal?

Should I save and wait until I have the money?

How long will it take to pay it back?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mortgage?

An agreement between a person and a lender e.g. a bank over property.

Money that buys a house

Interest rates that apply to house sales and overseas buyers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the average deposit lenders will ask for when applying for a mortgage?

5%

20%

10-15%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the biggest benefit of taking out a mortgage?

You don't have to pay rent

You will have something that can be used as security when getting other loans

Once it is paid off you will own something of high value (an asset)

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