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To maintain a good credit score, you should do all of the following EXCEPT:

pay your loan off completely

pay your bills on time

use credit wisely

borrow more than you can repay


n order to qualify for an education loan, a borrower must fill out a Free Application for Federal Student Aid (FAFSA) form.

False

True


Personal loans are also called signature loans.

false

true



You must begin paying your student loan back within __________ months of graduation, or if you are no longer a student.

six

twelve

twenty-four

eighteen

interest applied to only the principal of a loan is known as ________ interest.

compound

singular

complex

simple


The economy is doing well. Interest rates are expected to rise. You should therefore opt for a loan with a ____________ interest rate

fixed

variable


.
When taking out a loan you should always try and get the ___________ interest rate available.

lowest

highest


1.
Failure to pay back a loan
2.
The interest rate on a credit card
3.
An item of value that you surrender if you default on a loan
4.
A loan on a house or other real estate
5.
A loan in which there is no collateral
6.
The original amount of money borrowed
7.
The interest rate is subject to change
8.
The interest rate on a loan that does not change
9.
A detailed record of your credit history
10.
Also known as credit rating
a.
collateral
b.
annual percentage rate (APR)
c.
default
d.
principal
e.
Mortgage
f.
fixed
g.
variable
h.
credit score
i.
unsecured


The most common length of time for a home loan is a ____-year mortgage.

15

10

30

20


The better your credit rating the _____________ your score.

higher

lower


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jepessoa

Answer:

To maintain a good credit score, you should do all of the following EXCEPT:

  • borrow more than you can repay. MAKING LATE PAYMENTS OR NO PAYMENTS AT ALL WILL DECREASE YOUR CREDIT SCORE.

In order to qualify for an education loan, a borrower must fill out a Free Application for Federal Student Aid (FAFSA) form.

  • False. IN ORDER TO APPLY FOR AN EDUCATION LOAN YOU MUST FILL A FAFSA FORM

Personal loans are also called signature loans.

  • TRUE

You must begin paying your student loan back within __________ months of graduation, or if you are no longer a student.

  • SIX MONTHS

interest applied to only the principal of a loan is known as ________ interest.

  • SIMPLE INTEREST. COMPOUND INTEREST CHARGES INTEREST ON THE PRINCIPAL AND ACCUMULATED INTEREST.

The economy is doing well. Interest rates are expected to rise. You should therefore opt for a loan with a ____________ interest rate

  • FIXED. IF INTEREST RATES ARE EXPECTED TO RISE AND YOU CHOOSE A VARIABLE INTEREST RATE, YOU WILL END UP PAYING HIGHER INTEREST RATES.

When taking out a loan you should always try and get the ___________ interest rate available.

LOWEST. THE LOWER THE INTEREST, THE LOWER THE MONTHLY PAYMENT.

1.  Failure to pay back a loan

  • c.  default

2. The interest rate on a credit card

  • b.  annual percentage rate (APR)

3.  An item of value that you surrender if you default on a loan

  • a.  collateral

4.  A loan on a house or other real estate

  • e.  Mortgage

5.  A loan in which there is no collateral

  • i.  unsecured

6.  The original amount of money borrowed

  • d.  principal

7.  The interest rate is subject to change

  • g. variable

8.  The interest rate on a loan that does not change

  • f.  fixed

9.  A detailed record of your credit history

  • credit report

10. Also known as credit rating

  • h.  credit score

The most common length of time for a home loan is a ____-year mortgage.

  • 30  years

The better your credit rating the _____________ your score.

  • higher

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