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Marina's Car Purchase Quiz

Authored by MICHELLE BOLT

Life Skills

12th Grade

Marina's Car Purchase Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for a credit score?

FICO score

Loan score

Payment score

Debt score

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can lower a credit score?

Making early payments

Declaring bankruptcy

Paying off loans

Increasing savings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of a down payment?

It reduces the total loan amount.

It increases the interest rate.

It extends the loan term.

It is optional for all purchases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the interest rate offered by the dealer for Marina's car loan?

6%

7%

8%

8.2%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is APR considered a more accurate way of figuring out the interest rate for a loan?

It includes the principal amount

It includes any up-front fees

It excludes taxes

It excludes interest

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interest in the context of a car loan?

A fixed amount paid monthly

A percentage of the loan balance

A one-time fee

A penalty for late payment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required if a person has no credit history or a poor credit history?

A higher interest rate

A larger down payment

A cosigner with better credit

A longer loan term

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