Understanding Credit — Unit test Answers
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Borrowers taking a balloon payment mortgage most likely
A
plan to rent out their homes.B
must repay the loan in five to ten years.C
are unwilling to accept any risk in borrowing money.D
remain in their homes for 30 years or more.22
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Which are considered types of credit available to borrowers? Check all that apply.personal loansbondscredit cardsmortgagescashauto loansgift cards
A
personal loansB
bondsC
credit cardsD
mortgagesE
cashF
auto loansG
gift cards23
Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?
A
$2,458.94B
$2,484.83C
$2,549.55D
$2,575.4424
The table shows a schedule of the first year of Kamil’s payment plan for a car. Kamil’s Payment Plan for the First YearYearBalanceMonthly PaymentEnd of YearBalance1$13,086.72$363.52$8,724.48 How many years will it take Kamil to pay off the loan?
A
1 yearB
2 yearsC
3 yearsD
4 years25
Which is considered a good credit practice?
A
Use the credit card with the highest interest rate.B
Make late payments.C
Pay more than the minimum amount that is due.D
Borrow more than one can afford to repay.Did you find these answers helpful?
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