Loans 101
Quiz by April MacNamee
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7 questions
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- Q1are advanced ont the basis of the borrower's credit history and ability to repay the loan from personal incomepersonal loan30s
- Q2calculated by taking the amount you are borrowing plus interest divided by the number of months for the loanmonthly payment30s
- Q3a specific type of loan that is used to buy real estatemortgage30s
- Q4A loan whose principal and interest payment remains the same over the life of the loanfixed rate loan30s
- Q5a loan which allows interest rate to go up or downvariable rate loan30s
- Q6Fees and charges associated with the purchase of a property/getting a mortgageclosing costs30s
- Q7loan that combines all your debts into one loan with lower paymentsconsolidation loan30s