Loan Questions Quiz

Do I ______ a loan?

• need

• want

• have

• get

Can I ______ for a loan?

• apply

• sing

• dance

• cook

What is the Interest Rate in the VFC Conditional Sales Contract?

• 5%

• 7%

• 10%

• 12%

What is the total amount in "The Bottom Line" section of the VFC Conditional Sales Contract?

• $5,000

• $10,000

• $15,000

• $20,000

Interest charged ________

• on a loan

• on a credit card

• on a savings account

• on a gift card

• on a prepaid card

Other charges such as ______ charges, credit-related insurance premiums, and ________ fees

• late

• service

• early

• processing

• administrative

Effective Annual Interest Rate may be _____ than Annual Percentage Rate

• higher

• lower

• equal

• unrelated

Where $ m $ equals number of _____ per year interest is

• compounding periods

• days

• months

• weeks

Lender ______ versus ________ rate. To reduce the lender’s risk you can...

• risk

• interest

• profit

• loss

• capital

Make a large ______ payment up front.

• down

• up

• side

• back