Personal Finance Unit 3.1 Consumer Credit

A FICO score represents all of the following EXCEPT: the amount of money in your retirement account.
On average, compared to a person with good credit, a person with poor credit will pay ________ for insurance? 20% to 50% more
How long does it take to rebuild your credit history? 7 years
Secured debt means a lender gives you money in exchange for what? Collateral
Which type of debt is the least attractive for a consumer? Unsecured debt
When as asset, such as a car, decreases in value over time what is it called? Depreciation
If you miss one payment on a credit cared, what is generally the penalty? A late payment fee
If you miss two payments on a credit card, what is generally the penalty? A higher interest rate and a late payment fee
If you have $1,000.00 on a credit card and the interest rate is 23.7% per year, how much interest will you pay for one year? $237.00
How many monthly payments are there in a 30-year loan? 360

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