What is the principal in a loan?

Loan Basics Video

Quiz
•
Education
•
12th Grade
•
Hard
Crystal McCullough
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The interest rate charged by the lender
The amount of money borrowed
The time period for loan repayment
The collateral used for the loan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of loan is specifically used for purchasing a vehicle?
Student loan
Mortgage
Auto loan
Payday loan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collateral in the context of secured loans?
The interest rate charged by the lender
The amount of money borrowed
Something valuable that can be taken if the loan is not repaid
The time period for loan repayment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone choose a secured loan over an unsecured loan?
Secured loans have higher interest rates
Secured loans are less risky for the borrower
Secured loans usually have lower interest rates
Secured loans do not require collateral
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factor can help you qualify for a lower interest rate on a loan?
A low credit score
A high amount of existing debt
A good employment history
A short-term loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a cosigner in the context of loans?
A person who lends you money
A person who is responsible for repaying the loan if you default
A person who sets the interest rate
A person who provides collateral
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a fixed rate and a variable rate loan?
Fixed rates change with the market, variable rates do not
Fixed rates stay the same, variable rates change with an index
Fixed rates are always higher than variable rates
Variable rates are always lower than fixed rates
Create a free account and access millions of resources
Similar Resources on Wayground
12 questions
College

Quiz
•
9th - 12th Grade
15 questions
Paying for College

Quiz
•
9th - 12th Grade
10 questions
Latihan Soal Akuntansi Dagang

Quiz
•
11th - 12th Grade
10 questions
Managing Student Loan Debt Video Quiz

Quiz
•
12th Grade
10 questions
Personal Taxation - Interest Income

Quiz
•
12th Grade
14 questions
Economic Indicators Junior cycle

Quiz
•
7th - 12th Grade
15 questions
Real Estate Exam 1 Review

Quiz
•
9th - 12th Grade
12 questions
Banking Basics Review

Quiz
•
12th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade