The Cost of Credit

The ability to borrow money

• term

• credit

• interest

• monthly payment

The payment made towards the loan balance every month.

• credit

• credit limit

• term

• monthly payment

The length of time given to repay a loan

• term

• balance

• monthly payment

• interest

The amount charged to borrow money

• term

• credit limit

• interest

• monthly payment

The maximum amount an individual can borrow.

• credit limit

• term

• interest

• credit

The act of paying off debt.

• credit

• monthly payment

• repayment

• term

When you borrow money, do you pay back more than the loan amount, less than the loan amount, or exactly the loan amount?

• more than the loan amount

• less than the loan amount

• exactly the loan amount

Tags

CCSS.7.NS.A.3

CCSS.7.RP.A.3

To pay off a personal loan, John must make a monthly payment of $120 for 1 year. How much money must John pay back?

• $120

• $121

• $12

• $1440

Yvette pays of a 6 month loan at $760 per month. What is her total repayment amount?

• $760

• $4560

• $766

• $126.67

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Dinah pays of a 6 year loan at $1000 per month. What is her total repayment amount?

• $72,000

• 72

• $6000

• $166.67