Mortgages and Home Ownership — Unit test Answers
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Pete is trying to get a loan. He has a credit score of 480. How is Pete’s lender likely to view this credit score?
A
Pete is responsible and will pay the loan back on time.B
Pete is responsible but will not pay the loan back on time.C
Pete is irresponsible but will pay the loan back on time.D
Pete is irresponsible and will not pay the loan back on time.22
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This year, Mr. Thomas has a higher credit score than he did last year. Which of the following should Mr. Thomas expect with the improved score? Check all that apply.
A
a more difficult time borrowing money to buy a houseB
an easier time getting a car loanC
an easier time renting an apartmentD
a denial when opening a bank accountE
higher interest rates on credit cards23
What best explains the relationship between a borrower’s credit score and a down payment requirement?
A
Someone with a high credit score may be required to make a higher down payment.B
Someone with a high credit score may be required to make a lower down payment.C
Someone with a low credit score may be required to make a lower down payment.D
Someone with a low credit score may not have to make a down payment.24
Terrell has $300 to open a checking account. He plans to use the ATM four times per month at his local branch. He does not overdraft his account. Bank Account Terms and ConditionsWhich checking account would be best for Terrell?
A
Account AB
Account BC
Account CD
Account D25
The table shows the terms of a fixed-rate mortgage.
A
M = P StartFraction Left-bracket R (1 minus R) Superscript n Baseline Right-bracket Over (1 + R) Superscript n Baseline EndFraction
B
M = P StartFraction Left-bracket R (1 + R) Superscript n Baseline Right-Bracket Over Left-bracket (1 + R) Superscript n Baseline minus 1 Right-bracket EndFraction
C
M = P StartFraction R Over left-bracket (1 + R) Superscript n Baseline minus 1 Right-bracket EndFraction
D
M = P StartFraction Left-bracket R (1 + R) Superscript n Baseline Right-Bracket Over (N + R) EndFraction
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