A poor credit history will appear on your credit report for

A.

5 to 7 years.

B.

3 to 5 years.

C.

7 to 10 years.

D.

3 to 10 years.

When is refinancing a homeworthwhile?

A.

When you can increase your monthly mortgage payment significantly

B.

When the closing costs and any prepayment penalties are less than the savings on your monthly mortgage payments

C.

When interest rates have increased by more than two percent

D.

When interest rates have increased significantly

Which of the following is a true statement about studentloans?

A.

All student loans are provided directly to students.

B.

All student loans are provided to parents of students.

C.

Students who declare bankruptcy within seven years of graduation may have their loans forgiven.

D.

The repayment schedule is delayed.

What is the future value of $200 deposited today at 7 percent interest compounded annually for 4 years? (Round to the nearestdollar.)

A.

$262

262

B.

$258

258

C.

$264

264

D.

$259

The bank has determinedthat, based on a TDS ratio of 40 percent and otherfactors, the maximum monthly mortgage payment that Ianna qualifies to make is $2153 Thefive-year fixed rate of interest is 4 percent compoundedsemi-annually and the mortgage is to be amortized over 25 years. What is the maximum value of the mortgage that Ianna may obtain from thebank?

A.

$364,199

B.

$433,551

C.

$409,300

409,300

D.

$378,421

The most important thing to note about an annuity is

A.

that the payment must not change over time.

B.

it reflects the growth of a single lump sum.

C.

that the payment increases according to the discount rate.

D.

that it reflects the power of simple interest.

Which of the following is one of the eight major areas of information that may be included on your creditreport?

A.

information regarding any bank accounts that were closed for derogatory reasons

B.

the names of creditors who are considering making account inquiries

C.

private information regardingbankruptcies, judgments, and secured loans

D.

available transcripts from any colleges that were attended