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WorksheetsBorrowing Money
Total questions: 27
Worksheet time: 23mins
One good way to lower the cost of a loan is to _________.
pay high interest
take several years to pay
make a large down payment
pay the minimum balance every month
Another way to save on a loan is to _________.
accept a car dealer's financing
shop for the best loan bargain
apply jointly with someone
pay the highest interest possible
To get approved for a loan, you must ________.
plan to pay it off early
first pay all the interest
fill out an application
finance a car
A person jointly applying for a loan with you must _________.
pay an extra finance charge
pay off the loan if you don't
not be asked any questions
share the loan money with you
Many dealers offer to ________ large purchases.
finance
fineance
financ
fenance
The loan ________ is the amount borrowed, not including interest.
principal
principle
prinsible
princepel
If you make a large d____ p______, you won't have to borrow so much.
(a)
Your total ________ includes everything you earn, including wages and interest.
income
encome
in comes
incom
The less money you borrow, the _________ you'll pay in finance charges.
more
less
greater
interest
A high-interest loan will be _______ costly than a low-interest loan.
more
less
interest
principal
_______ usually offer the best loan rates.
Banks
Dealers
Stores
Goats
Watch out for lenders who fine you for paying off a loan _______.
on time
early
late
entirely
What is an APR?
The actual percentage rate.
The annual percentage rate.
The all purpose rate.
The average percentage rate.
An APR of 5.4% in decimal form is....
.54
.054
5.4
.0054
An APR of 25.99% in decimal form is....
.02599
.2599
2.599
25.99
To calculate the total cost of a loan, you must consider both the principal and the ________.
application fee
credit score
down payment
interest
Which of the following is a benefit of a low-interest loan?
Longer loan term
Lower total repayment amount
Increased finance charges
Higher monthly payments
Convert 23 % into decimals
2.3
0.23
0.023
23.0
Convert 18 % into decimals
1.8
0.18
0.018
18.0
Convert 45 % into decimals
4.5
0.45
0.045
45.0
Convert 58 % into decimals
5.8
0.58
0.058
58.0
Convert 9 % into decimals
9
0.9
0.09
90.0
Convert 0.27 into percentage
2 %
2.7 %
27 %
270 %
Convert 0.39 into percentage
3 %
3.9 %
39 %
390 %
Convert 0.58 into percentage
5 %
5.8 %
58 %
580 %
Convert 0.90 into percentage
9 %
9.0 %
90 %
900 %
Convert 0.05 into percentage
5 %
0.5 %
50 %
500 %
