Quiz Project

Which of the following will likely affect the total amount of interest you will end up paying on a home loan?

• How many other homes in your neighborhood are also for sale

• Your credit score

• The median cost of homes in your neighborhood

• The type of car you drive

Which of the following are types of credit cards?

• Store or limited purpose card

• Charge cards (or Travel and Entertainment cards)

• Gift cards

• General purpose credit card

• Prepaid card

If the interest rate is high

• • You will pay less in total

• • Interest does not effect how much you pay

• • You will pay more in total

What is the scale for minimum to maximum possible credit scores?

• • 300 - 850

• • 300 - 1000

• • 0 - 100

• • 850 - 1000

What are credit scores used for?

• • To give lenders an idea of how much money you have in your bank accounts

• • To give colleges an idea of how you performed academically in high school

• • To give lenders an idea of how likely you are to pay your debts to determine the types of loans you can get

Which of the following is NOT used as a determining factor for whether you are approved for credit?

• • Credit History

• • Credit Mix

• • Debt

• • Income

All businesses must comply with the law except banks, small loan and finance companies, retail and department stores, credit card companies and credit unions.

• True

• False

After the specified time, the rate of the mortgage changes according to __________________.

• • the value of the home

• • how many late payments you have made

• • the current market conditions

ARM interest rates are usually lower than Fixed-rate mortgages.

• True

• False

Does this video, produced by Quicken Loans, depict ARMs in a positive or negative light?

• Negative

• • Positive