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Worksheets26.2 Business reading check
Total questions: 16
Worksheet time: 8mins
An interest rate that fluctuates or changes is called a(n) ____________rate.
elastic
unrestricted
flexible
variable
With a fixed rate mortgage the interest rate __________
always remains the same
changes as the balance decreases
is fixed at the beginning of each year
is set by the government
The $500 you pay on the day you purchase a used car for $5,000 is called the _________
down payment
minimum payment
first installment
security deposit
The amount of borrowed money that is still owed is called
-----------------.
balance
principal
maximum payment
remainder
The amount the lender charges the borrower to finance a loan is the __________
fee for service
origination fee
finance charge
service charge
A mortgage is an example of a(n) ________loan.
insecure loan
secured loan
secure loan
unsecured loan
The term used to describe the action of a creditor taking back collateral is _______________ .
reclaim
repossess
refinance
reposition
When a court orders an employer to send a portion of an employee’s paycheck to a creditor it is called __________
automatic payment
garnishment of wages
court ordered diversion
third party intervention
You should not use more than ________________ percent of your income for credit payments.
20
50
40
75
When a consumer with a low credit rating gets a loan, the interest rate may be ____________.
fixed
lower
higher
similar
The ____________determines the cost of credit on a yearly basis.
cash advance
APR annual percentage rate
commercial loan rate
credit limit
A __________is a loan given in cash by a credit card company in anticipation of the borrower's being able to repay the loan
grace period
variable rate
fixed rate
cash advance
A ___________is an amount of time allowed to repay a debt without having to pay interest charges
grace period
down payment
credit limit
principal
A(n) _____________ is an interest rate that fluctuates or changes over the life of a loan
fixed rate
variable rate
secured loan
unsecured loan
_________________is the amount of borrowed money that is still owed and on which interest is based.
finance charge
down payment
variable rate
principal
The ______is the total amount it costs the borrower to have a lender finance a loan
principal
down payment
finance charge
cosigner
