Debt & Loans

Debt & Loans

22 Qs

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Debt & Loans

Debt & Loans

Assessment

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Practice Problem

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Created by

Jay Herbst

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Spreading payments out over a set amount of time is called...

Interest rates
Down payment
Amortization
Mortgage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fee you pay for borrowing money is called...

Interest rate
Term of Loan
Amortization
Principal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The large amount of money you pay before you take out a loan is called...

Annual percentage rate (APR)
Down payment
Amortization
Principal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

I bought a car for $7,000. I took out a loan for $5,000 and had a down payment of $2,000. The loan is a 3 year loan and my interest rate is 3.6%. In this example, the $5,000 represents...

Term of Loan
Down payment
Amortization
Principal

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the guideline for how much student loan debt is the "okay" amount?

2-3 x your annual income
15% of your monthly income
Total loans are less than your starting annual income
50% of your starting annual salary

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: A grace period is when you don't have to make payments on student loans. This occurs right after you graduate college.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How long is the grace period after you graduate?

3 months
6 months
12 months
Until you get your first job

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