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Chapter 11: Consumer Mathematics 3

Question 1 of 3

Q1 . A person other than the borrower who will guatantee the repayment of a loan

Q2 . A ratio of some number to 100

Q3 . A guideline in which the year is considered to have 360 days

Q4 . One percent of the loan mortgage

Q5 . What is the Simple Interest?

Q6 . A long-term loan usually used to purchase a house

Q7 . The difference between the appraised value of a home and the principal balance remaining on the mortgage

Q8 . A type of investment in which the principal is guarantee and the interest is computed at a fixed rate

Q9 . A US supreme court decision that specified how partial payments were to be applied to a loan

Q10 . A type of mortgage in which the rate of interest can change

Q11 . A list or table that gives the payment number in a loan and the breakdown of how much money is paid to principal and how much to interest for each payment

Q12 . The true rate of interest charged for a loan

Q13 . The sum of all monthly payments and the down payment

Q14 . The use of capital for income or profit

Q15 . The money that a bank is willing to give you

Q16 . The method of charging interest on a credit card in which interest is only paid on the previous outstanding balance

Q17 . The type of interest that allows the interest to earn interest

Q18 . The collateral that is pledged by the borrower to the lender that the lender may sell or keep if the borrower defaults on the loan

Q19 . A credit card is the most common type of this loan

Q20 . The primary method used to compute unearnd on an installment loan

Q21 . The amount of the cash that a buyer must prepay on an item in order to receive a loan or mortgage

Q22 . The simple interest rate that gives the name amount of interest over the same period of time as a compound rate

Q23 . The interest charged in advance on a discount note

Q24 . A type of investment, such as stocks, in which the investor has a chance of losing money

Q25 . The amount of money initially deposited into an account or the amount of money borrowed from a lender

Q26 . The total amount of money a borrower must pay to use a lender's money

Q27 . The money that is paid by the borrower for the use of the lender's money

Q28 . The method of charging interest on a credit card that is usually in the best interest of the consumer

Q29 . The cost incurred in acquiring a mortgage, these may include attorney fees, survey costs, appraisal fees, etc...

Q30 . A type of loan where the interest is paid at the time the borrower receives the loan