Economics Quiz 3
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| Total cost of a loan, including the principal and total interest. | Finance charge
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| A loan to buy a house. | Mortgage
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| Highest amount of money you can charge at any given time. | Credit limit
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| A report given to lenders containing a credit rating and your credit history. | Credit report
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| The amount of money that is borrowed. | Principle
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| What is the type of credit when a business, company, or the government borrows money? | Commercial credit
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| Which of the following is NOT an advantage of using credit? | Must pay a fee to spend money.
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| What are the 3 C's of credit? | Character, Capacity, and Capital
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| When you buy a new car, you MUST buy a service contract or an extended warranty. | False
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| What is usually the most expensive college choice? | Four year private school
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| Which of the following is NOT a term associated with mortgages? | Stafford Loan
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| Which of the following things would you want in a credit card? | Lowest Annual Prime Rate
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| Which of the following is NOT an advantage of a credit card? | Easy to overspend
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| It is illegal to pay to have your credit score changed. | True
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| Free credit reports are a good idea and always free. | False
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| When your debts exceed your assets so much you can no longer pay your bills, The government allows you to file for what in court? | Bankruptcy
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| Which of the following ways in NOT a way to help yourself with credit problems? | Buy a new car
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| Goal setting can help you prioritize your budget, especially discretionary spending. | True
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| If you put $3000 in a savings account for 4 years and received 3% SIMPLE INTEREST (I= P x R x T) = savings amount) on that account, what would be your total amount in the savings account after 4 years? SHOW YOUR WORK BY TYPING IT IN! | 3000 x .03 x 4 = $360 + $3,000= $3,360
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| $110,000 annual pay. She finds a house priced at $475,000. She goes to each bank in Rock Rapids to find the best interest rate. The best interest rate she found was 6.84% for a 30-year fixed mortgage. Her monthly payment for this mortgage will be $3,881. | 1) Know how to calculate your income x 30% (.3) then subtract from $110,00 2) From answer 1, divide by 12 (months) 3) Take your monthly payment and divide by answer 2, then move your decimal TWO spots to the right for a percentage.
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| Figure out taxes and monthly payments for a car that is $10,000 | Car price $10,000 x .05 (5%)IA tax = $500 Taxes and fees = $10,000 x .02 (2%) = $200 Total car price = $10,000 + $500 + $200 = $10,700
36 month fixed payment x $329 = $11,844
48 month fixed payment x 255= $12,240
60 month fixed payment x $211= $12,660
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akellenberger22
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