You've made the decision to purchase an item that is affordable only with a roan. When shopping for a loan, there are many aspects of the loans that you should examine. Which of the following questions should be asked and answered about a specific loan proposal before accepting a lender's offer? Check all that apply. What is the total cost of transaction (cost of item purchased plus cost of loan)? Is the loan collateralized? Does the loan's payment date fit my budget? If t accept the loan, what is my new debe safety ratio? Do you need, or only want, the item being purchased? rou're shopping for a big loan, but you have misgivings about Beth, the foan officer, at an institution you just visited. What are some reasons that may have you uneasy about accepting a loan there? Check all that apply. Beth pointed out that the APR and interest rate were different. Beth said that her loan was most likely the only one you'd be able to obtain. Beth told you that the interest rate is the only important foe to worry about and that discussing the ApR is an unnecessary complication. Beth went over the fine print, such as late payment charges and prepayment provisions, Your parents may be able to help you with the down payment, but Beth told you to assume they will and to enter a down payment on the application including their contribution. Beth spent most of the time emphasizing benefits of foans with balloon payments and interest-only payments. Beth volunteered pertinent information that you didn't even know enough to ask about. Beth encouraged you to shop around. What are the characteristics of your reasons for feeling uneasy about Beth the loan officen check all that apply. The way the loan officer omitted pertinent information The loan officer's embelishment of the facts Feeling under pressure to make a decision Your friend suggested you look into a variable-rate loan. What questions should you ask? Check all that apply. Can 1 afford the maximum possible monthly payment? What is the interest rate tied to? How often is the rate subject to change? ven the long list of relevant loan-related considerations described above, the paradox of choice often arises when attempting to make borrowing cisions. Which of the following phrases addresses the characteristics and recommended solutions for this phenomenon? Check all that apply. Arises when there are too few alternatives and you wish you had more features or options to select from Be prepared to ask for assistance Keep it simple and select the easiest or least expensive alternative Identify your goals and a framework for evaluating any trade-offs that must be made when making your decision You've made the decision to purchase an item that is affordable only with a roan. When shopping for a loan, there are many aspects of the loans that you should examine. Which of the following questions should be asked and answered about a specific loan proposal before accepting a lender's offer? Check all that apply. What is the total cost of transaction (cost of item purchased plus cost of loan)? Is the loan collateralized? Does the loan's payment date fit my budget? If t accept the loan, what is my new debe safety ratio? Do you need, or only want, the item being purchased? rou're shopping for a big loan, but you have misgivings about Beth, the foan officer, at an institution you just visited. What are some reasons that may have you uneasy about accepting a loan there? Check all that apply. Beth pointed out that the APR and interest rate were different. Beth said that her loan was most likely the only one you'd be able to obtain. Beth told you that the interest rate is the only important foe to worry about and that discussing the ApR is an unnecessary complication. Beth went over the fine print, such as late payment charges and prepayment provisions, Your parents may be able to help you with the down payment, but Beth told you to assume they will and to enter a down payment on the application including their contribution. Beth spent most of the time emphasizing benefits of foans with balloon payments and interest-only payments. Beth volunteered pertinent information that you didn't even know enough to ask about. Beth encouraged you to shop around. What are the characteristics of your reasons for feeling uneasy about Beth the loan officen check all that apply. The way the loan officer omitted pertinent information The loan officer's embelishment of the facts Feeling under pressure to make a decision Your friend suggested you look into a variable-rate loan. What questions should you ask? Check all that apply. Can 1 afford the maximum possible monthly payment? What is the interest rate tied to? How often is the rate subject to change? ven the long list of relevant loan-related considerations described above, the paradox of choice often arises when attempting to make borrowing cisions. Which of the following phrases addresses the characteristics and recommended solutions for this phenomenon? Check all that apply. Arises when there are too few alternatives and you wish you had more features or options to select from Be prepared to ask for assistance Keep it simple and select the easiest or least expensive alternative Identify your goals and a framework for evaluating any trade-offs that must be made when making your decision
