Mortgages and Home Ownership — Unit test Answers

Which bank has the highest possible overdraft fee? Bank Account Terms and Conditions

A balloon payment mortgage makes the best sense for borrowers who are

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Fido wants to buy a new car. He will need to get a car loan. Fido decides to wait for a few months until his credit history improves. Which explains whether Fido is making a sensible decision?

If someone buys a home for $200,000 and makes a 20 percent down payment, that person will have to

Karen has $800 to open a checking account. She wants an account with the lowest fees. She only writes about five checks per month and her employer has direct deposit. She does not plan on using the ATM or online banking. Bank Account Terms and ConditionsWhich checking account would be best for Karen?

Sal and Jen went to the store together, and each bought the same car stereo.Sal used a card to make the purchase, and the full amount was immediately withdrawn from his bank account.Jen used a card to make the purchase, and she received a bill within 15 days of the purchase. She paid $21.30 for the next 18 months until the bill was paid in full. The full payment included $58.60 in interest.Which statement describes Sal’s purchase?

The graph shows the average price of homes in the United States from 2009 to 2014.

Quincy wanted his credit report. Which list could Quincy have obtained?

Caitlyn has a credit card with a spending limit of $1500 and an APR (annual percentage rate) of 18%. During the first month, Caitlyn charged $375 and paid $250 of that in her billing cycle. Which expression will find the amount of interest Caitlyn will be charged after the first month?

What best determines whether a borrower’s interest rate on an adjustable rate loan goes up or down?

A borrower with bad credit is likely to be charged

Kylie has $500 to open a checking account. She wants an account with the lowest fees. She sometimes writes a check for more money than she has in her account. She plans on using only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and ConditionsWhich checking account would be best for Kylie?

Sienna has a car loan with an annual interest rate of 4.8%. She will make the same monthly payment for 48 months, after which the loan will be paid back. Diego says that Sienna’s loan is an example of closed-end credit while Sienna says it is an example of open-end credit. Which statement about the loan is true?

Which account has the lowest minimum balance requirement?Bank Account Terms and Conditions

Which bank does not charge at all for using the ATM? Bank Account Terms and Conditions

Jana has $100 to open a checking account. She can maintain a monthly balance of $300. She also has a savings account at the same bank. She plans to use online bill paying and write fewer than 10 checks per month. She currently uses her bank’s ATM several times per month. Jana does not overdraw her account. Bank Account Terms and ConditionsJana wants an account with the lowest fees. Which checking account would be best for Jana?

Which is a desirable characteristic to look for when choosing a credit card?

What is a benefit of obtaining a personal loan?