What is the principal in a loan?
U3 - Types of Loans

Passage
•
Life Skills
•
10th Grade
•
Hard
Kristina Sawyer
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total interest paid
The amount of money borrowed
The fees charged by the lender
The monthly payment amount
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does APR stand for?
Annual Payment Rate
Annual Percentage Rate
Annual Principal Rate
Annual Payback Rate
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is interest in the context of loans?
The amount borrowed
The price borrowers pay to use the lender’s money
The total loan amount
The monthly payment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of loan allows borrowers to continue adding purchases up to a set credit limit?
Closed-End Loans
Secured Loans
Open-End Loans
Unsecured Loans
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common example of a closed-end loan?
Credit card
Line of credit
Car loan
Personal loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should consumers do to get the best possible deal on a loan?
Choose the first loan option
Compare different types of loans, rates, and terms
Ignore the APR
Only consider secured loans
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What generally earns better loan terms, interest rates, and fees?
Low credit scores
High credit scores
No credit history
Only secured loans
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