How Credit Works Answers

Zachary’s student loans are an example of what type of loan?

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creditprincipal✔ collateral

assetrepayment✔ down payment

✔ seize her homelower the interestask for a down payment

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loan A✔ loan B

$7,367.32$15,000.00✔ $22,367.32

$9,857.02$10,000.00✔ $19,857.02

Which statement best compares these two loans?

What should a consumer review and consider when shopping for a credit card? Check all that apply.The down payment that is requiredThe initial fees to open the accountThe fees charged for late paymentsThe kind of collateral that is requiredThe annual percentage rate for the cardThe Truth in Lending Act disclosure

Which regulations do credit card companies have to follow? Check all that apply.They have to make all credit terms clear to the borrower.They have to accept any borrower who applies for a credit card.They are not allowed to change annual fees or interest rates.They have to obtain a borrower’s information in a responsible way.They cannot discriminate based on race, gender, or national origin.They have to avoid abusive marketing practices and protect privacy.

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