Finance Quiz 9-11 Loan Types and Gov. Loans

Finance Quiz 9-11 Loan Types and Gov. Loans

12th Grade

20 Qs

quiz-placeholder

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Finance Quiz 9-11 Loan Types and Gov. Loans

Finance Quiz 9-11 Loan Types and Gov. Loans

Assessment

Quiz

Specialty

12th Grade

Medium

Created by

James Marshall

Used 6+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Interest rates are influenced by the Federal Reserve System's:

reserve requirements

primary lending discount rate

open market activities

All choices are correct.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a loan is amortized, the monthly payments:

Can change each month

Remain the same

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The purpose of disclosing the annual percentage rate (APR) is to assist consumers in:

comparing mortgage loans AND seeing one rate that includes both interest and fees

understanding all the risks of the loan terms

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The guidelines that determine if a conventional loan is conforming or non-conforming are set by:

Fannie Mae AND Freddie Mac

Fannie Mae AND Farmer Mac

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of conventional loans conform to the guidelines set by Fannie Mae and Freddie Mac and thus can be sold on the secondary market?

conforming loans

non-conforming loans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Mitch's ARM has an initial rate of 4.3%. The margin is 2%, and the initial index rate is 2.3%. The initial rate will adjust only once every three years. The lifetime cap is 4%. What is the maximum interest rate that Mitch could pay?

8.3%

6.3%

4.3%

8.3%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Emmy has a property worth $320,000 with a $65,000 loan, how much equity does she have in that property?

$255,000

$320,000

$65,000

$285,000

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