Personal Finance

How do you compare cash management alternatives to determine which is best for you? all of the above are correct
financial institutions that provide traditional checking and savings accounts are commonly referred to as deposit-type financial institutions
a savings alternative that pays a fixed rate of interest while keeping your funds on deposit for a contracted period of time that can range from 30 days to several years is called a certificate of deposit
what is the FDIC federal deposit insurance corporation
what is the name for an automatic loan made to your checking account whenever your account does not contain enough cash to cover the cheeks that you have written against it? overdraft protections
christopher would like to have $20,000 for a house down payment seven years from now. how much money would he need to save every quarter in an investment that pays 9% APR compounded quarterly? $520.51
the main factor that determines the cost of a line of credit is the _______, which is also considered the true simple interest rate paid over the life of the loan annual percentage rate ARP
the _______is the percentage of the credit card sale that the retailer owes to the credit card company merchant’s discount fee
according to the bankcard holders association of america, about 95 percent of all bank card issuers use the average daily balance method
which of the following apply to getting a cash advance with a credit card all of the above
which of the following is an advantage of credit cards they allow the costumer the ability to rent cars and make online reservations
which of the following is a disadvantage of credit cards the finance charge that accrues on the account if not paid off in full each month
a company that gathers and sells consumer’s financial history to creditors is a credit bureau
___________ is NOT information generally found in your credit report college attended, grades, etc
your credit score affects all of the above are correct answers
a low FICO score can cost you quite a bit when you get a mortgage loan
Blank occurs when someone uses your (personal identifying information) to commit fraud or other crimes. Identity Theft
No credit history equals Zero (no) credit score
What are the three credit bureaus? Experian, Transunion, Equifax
a loan involving a formal contract that details how much you’re borrowing and when and how you’re going to pay the loan back. Consumer Loan
This loan calls for the repayment of both the interest and the principal at regular intervals and is commonly referred to as loan amortization. installment
variable-rate loans usually have rate caps that prevent them from varying too much
what happens when you default on a car load where your Title is held as collateral you lose the car and damage your credit history
home equity/ second mortgage loans have two important advantages over most other types of loans. They are tax deductibility of interest and lower interest rates
fred ran short on cash and borrowed $300 through a Payday loan company. the company charged him a fee of $60 to borrow the $300 for 14 days. using simple interest method calculate what interest rate was fred charged for the aforementioned loan 521.29% I=Prt
congratulations! you have just graduated from college and are determining what your monthly student loan payments will be. after consolidating all of your loans, you have a balance of $18,000. At 8% APR for 10 years, what will your monthly payments be $218.39
what is the name of the interest rate banks charge to their most creditworthy customers? prime rate
which of the following does NOT require you to have a good credit rating to issue you a loan your family
a federal direct subsidized loan has tremendous advantages over other types of loans, including the interest is deferred while you are in school
how can you benefit from following the smart buying steps both A and C smart buying allows a higher standard of living because after 5 yearsthey use the add on method to determine your payment
suppose that you were thinking about leasing a new vehicle. which of the following should NOT be an important consideration it’s the only way i can afford the vehicle that i want
billy has chosen to purchase a new vehicle. the vehicle costs $15,000. his APR is 10% and he will be financing the vehicle for 36 months. How much will Billy pay each month for his new vehicle $484.01
In evaluating financial history, lenders generally focus on which on what? Income, Credit report, FICO score
This housing alternative puts responsibility for maintenance and repairs on the occupant. Home ownership
PITI stands for… Principal, interest, taxes, insurance
How much would the monthly payment be on a mortgage of 250,000 for 30 years at a rate of 6%? 1,498.87N:12×30=360i/y=6/12PV:(-)250,000PMT:?
What cost is not involved in home ownership? Rental Deposit
Name the items that are deposited in an escrow account Property taxes, property insurance
what are advantages of renting versus buying a home? Mobility, no property tax, not responsible for home repairs or maintenance.
mortgage loan in which the interest rate charged fluctuates with the level of current interest rates is called ARM

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