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Personal Finance Lesson #8 Loans

The length of time the borrower has to pay the loan back is called the

Payment plan

Term

Interest

Predatory Lender

Loans that are paid back in many payments over time are called

Partial Loans

Full Loans

Installment Loans

Payday loans

A level-payment loan is what?

A loan where each installment is the same

A loan where each payment is different

A loan where each payment has variable interest

A loan where each payment is only applied to the priciple

What is a promissory note?

An agreement between an institution and an individual or two people for a loan

An agreement to borrow a specific amount of money for a specific amount of itme

Always earns interest

Always charges interest

Short term loans are often non-interest bearing

True

False

APR stands for

Annual Percentage Rate

Annual Pie Rating

Annual Portion of Rent

Annual Panacea of Rome

The Prime Rate can be defined as:

The bank's lowest rate of interest

Usually has a bit of interest added to it, like 2% above the prime rate, so if prime was 4%, the bank added 2%, then Prime would be 6%

The most excellent cut of meat

An annual interest rate

A demand loan is also called a

Collateral loan

On-demand loan

When an interested party demands a aloan

Where the lender can demand to get money or collateral back from the borrower

An interest-bearing note or loan is

Where the loan has zero interest

Where the loan has interest accrued at some sort of rate

Has compounded interest

Requires no collateral

Interest rates for loans can be charged

By the month

By the year

By the week

By the day

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