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.
You must begin paying your student loan back within __________ months of graduation, or if you are no longer a student.
interest applied to only the principal of a loan is known as ________ interest.
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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
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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
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
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
The most common length of time for a home loan is a ____-year mortgage.
The better your credit rating the _____________ your score.
