Exit Tickets Q3

Exit Ticket Jan 21:

Please match the terms with the correct definition. 

• Difference between purchase price & loan

• Interest rate

• Thing that is borrowed, especially money

• Loan

• Costs associated with the processing.

• Loan Fees

• interest paid per period

• Down payment

Jan 23 Exit Ticket:

If you default on a loan, how will that affect your credit score?

• It will increase

• It will decrease

• Nothing will happen

• I'll win a free car

Exit Ticket Jan 24:

Henry realizes he does not have enough in his bank account to use the debit card. He decides to use a credit card instead. What should Henry consider before using his credit card? Select all that apply.

• Can I afford to pay at least the minimum payment each month?

• Can I get away with making no payments?

• Can I afford to make payments on time and avoid late fees?

• My credit score isn't really important, so I don't need to consider any of this.

Exit Ticket Jan 27:

Match the following auto loan terms with their definitions.

• cost of car without additional options

• Amortization

• interest rate does not change

• Fixed-Rate Financing

• process of paying off a car loan

• Base Price

• original amount of the loan

• Annual Percentage Rate (APR)

• total cost you pay each year, percentage

• Principal

Exit Ticket Jan 28:

A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9%. What is the monthly payment?

Exit Ticket Jan 30:

When you use the formula to find the monthly payment of a car loan, the exponent (number of months) has to be...

• positive

• negative

• none of the above

Exit Ticket Feb 3:

Which type of degree is typically a 2-year degree?

• Associate's

• Bachelor's

• Master's

• Doctorate

Exit Ticket Feb 4:

Match each term with its definition.

• sum of money that is borrowed

• Loan

• Free Application for Federal Student Aid

• FAFSA

• Provides parttime jobs to undergraduates

• Grant

• Money given by a government, not repaid

• Federal work-study program

Exit Ticket Feb 5:

What kind of account do you need in order to complete your online FAFSA form?

• StudentAid.gov

• Google

• Facebook

• PNC Bank

Exit Ticket Feb 6:

Which of these things do you NOT need to fill out the FAFSA?

• Birth certificate

• Tax information from parents

• Parent and student FSA IDs

• Your social security number