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Loans
Test Description: Loans
Instructions: Answer all questions to get your test result.
1) A short term loan in which the borrowers car title is used as collateral.
A
Payday Loan
B
Title Loan
C
Investment loan
2) A small amount of money lent at a high interest rate on the agreement that it will be repaid when the borrower gets a paycheck.
A
Investment Loan
B
Title Loan
C
Payday Loan
3) Lender
A
the amount of money paid upfront at the time of purchase
B
an organization or person that loans money
C
a loan to buy a house
4) A complete table of the loan payments
A
Amortization Schedule
B
Lender
C
Amortization
5) Security given for the payment of a loan
A
Lender
B
Mortgage
C
Collateral
6) Mortgage
A
loan to buy a house
B
security given for the payment of a loan
C
investment of money to gain a profit
7) Borrower
A
a person that takes out a loan from a bank with an agreement to pay it back later
B
a loan to buy a house
C
an organization or person that loans money
8) Investment
A
investment of money to gain a profit
B
a secure loan
C
collateral
9) Money that is borrowed and is expected to be paid back with interest.
A
amortization
B
Investment
C
loan
10) Paying off a debt with a fixed repayment schedule
A
Amortization Schedule
B
Amortization
C
Loan
*select an answer for all questions
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