Review for 2nd Semester Final

A prepayment penalty is a fee charged if you pay a loan off on time.

• TRUE

• FALSE

The yearly interest rate charged on a loan is referred to as the annual percentage rate (APR).

• TRUE

• FALSE

Tags

CCSS.7.RP.A.3

When you borrow money from a bank or credit union and pay it back in monthly payments, that is referred to as an installment loan.

• TRUE

• FALSE

A down payment is a percentage of the total cost of a house paid at the time of purchase.

• TRUE

• FALSE

Tags

CCSS.6.RP.A.3C

A lease is a contract made between the company that owns a car and the person who will be given the right to use the car.

• TRUE

• FALSE

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

A car's sticker price is also called the Manufacturer's Suggested Retail Price (MSRP).

• TRUE

• FALSE

The expected value of the car at the end of the lease period called Residual Value.

• TRUE

• FALSE

A bond is a written promise to repay money loaned on an unspecified due date.

• TRUE

• FALSE

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

A bond is a written promise to repay money loaned on an specified due date.

• TRUE

• FALSE

The market value of a bond is the price at which it is currently selling.

• TRUE

• FALSE