Question
QUESTION 1 Which of the following types of credit are traditionally considered installment loans? Select all that apply. Home equity line of credit (HELOC) Student
QUESTION 1
-
Which of the following types of credit are traditionally considered installment loans? Select all that apply.
Home equity line of credit (HELOC)
Student loan (Federal)
Credit card
Personal loan (from bank)
Payday loan
Mortgage
Small business loan (from bank)
Auto loan
10 points
QUESTION 2
-
Which of the following types of credit are traditionally considered revolving credit? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line of credit (HELOC)
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 3
-
Which of the following types of credit are traditionally considered secured debt? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 4
-
Which of the following types of credit are traditionally considered unsecured debt? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line of credit (HELOC)
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 5
-
Which of the following types of credit are traditionally offered to borrowers with both variable and fixed interest rate options? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line of credit (HELOC)
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 6
-
Which of the following types of credit are traditionally offered to borrowers as only fixed interest rate options? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line of credit (HELOC)
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 7
-
Which of the following types of credit are traditionally offered to borrowers as only variable interest rate options? Select all that apply.
Auto loan
Credit card
Mortgage
Payday loan
Home equity line of credit (HELOC)
Personal loan (from bank)
Small business loan (from bank)
Student loan (Federal)
10 points
QUESTION 8
-
When applying for credit, it is preferable to receive a high interest rate over a low one.
True
False
10 points
QUESTION 9
-
Sometimes, lenders require a downpayment before they extend you a loan. This downpayment serves as collateral making the loan secured in case you default.
True
False
10 points
QUESTION 10
-
Variable interest rate loans are dangerous and should be avoided no matter what!
True
False
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