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20 Cards in this Set
- Front
- Back
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The money from a personal loan makes up the difference between the (blank) and the total purchase price of an asset |
Down payment |
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The process of taking a personal loan begins with a(n) |
Application |
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After you have been approved for a loan, the next step in the process of taking a personal loan is |
Sign a legal contract agreeing to the terms |
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A borrower can never exactly what he or she is paying under a loan contract by evaluating the |
Annual percentage rate (APR) |
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Which type of loan has some asset pledged against it to protect the lender if the borrower defaults on the loan? |
A secured loan |
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Which of the following is true about an adjustable rate mortgage? |
The rate changes occur some present time; like every year |
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Which of the following types of loans is most likely to have a teaser rate? |
(ARM) Adjustable rate mortgage |
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Appraisal fees, mortgage origination fees, filing fees, and title insurance are all examples of |
Closing costs |
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Why might a home buyer pay a lender "points"? |
To reduce their interest rate over time. |
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Renters usually require payment of (blank) to protect the owners from property damage done by renters to move out without paying for the damage |
Security deposit |
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On a federal student loan, the (blank) essentially acts as the cosigner on the loan. |
Government |
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Which of the following do subsidized Stafford loans, unsubsidized Stafford loans, and Perkins loans have in common? |
W/student loan you don't have to pay it back until after school. |
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After leaving school a recipient of a subsidized Stafford loan has a (blank) grace period during which interest on the loan does not accrue. |
6 |
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Which of the following types of loans is specifically for students with "exceptional" financial need? |
Federal Perkins Loans |
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Longer loan periods generally mean (blank) payments but the borrower will pay (blank) over the life of the loan |
Lower;more |
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Which of the following would be the most reliable and reputable place to look up the market value is a used automobile? |
KELLY BLUE BOOK |
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To learn about a specific used car's history before buying it, you should consult.... |
CarFax |
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Assuming that none of the following has had a previous car accident or have any physical limitations affecting driving ability, who is likely to pay the highest auto insurance rate? |
Younger drivers (18 year olds) |
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Which of the following will cover the cost you may be responsible for if you were found to be at fault in an automobile accident that resulted in someone's injury or death? |
Liability coverage /insurance |
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Which of the following is LEAST likely to affect the auto insurance premium that you are charged? |
Credit rating, value of the caf, and where you live. |
