Who gets the better interest rate?

Who gets the better interest rate?

12th Grade

16 Qs

quiz-placeholder

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Who gets the better interest rate?

Who gets the better interest rate?

Assessment

Quiz

Financial Education

12th Grade

Practice Problem

Medium

Created by

Anson Levine

Used 3+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If you are a borrower, which statement is true?

You will pay additional money on your loan called interest.

A lower interest rate is worse for you.

Your interest rate is determined on your negotiating skills.

Having a lower credit score gets you a lower interest rate.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the amount of money you borrowed called?

Dividend
Profit
Interest
Principal

3.

DROPDOWN QUESTION

1 min • 1 pt

The greater your interest rate is, the ​ (a)   you'll pay in interest.

more
less

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If you are a higher risk for repaying your loan, will you have a higher or lower interest rate?

Lower
Higher

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Imagine you are the head of a bank and you have two friends, Bob and Alice, applying for loans. Who would you offer a better interest rate to?

Bob, who has a credit score of 650.

Alice, who boasts a credit score of 720.

They both get the same rate, regardless of their credit scores.

Answer explanation

Alice because a higher credit score means you have shown you are better at paying off debt. Better at paying off debt means you are a lower risk.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Aria has been working at the same tech company for ten years, while Liam changes his tech jobs every six months. Their financial situations are otherwise the same. If you were a bank manager, who would you approve a home loan for?

Aria

Liam

Neither

Emma

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Person A wants to borrow for 5 years, and person B wants to borrow for 8 years, who gets the lower interest rate?

Person B
They both get the same interest rate
Person A

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