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QUESTION 1 1. The type of loan for which consumers do not pay the full amount at the time of purchase, but pay a portion of the amount owed in regular payments, is called consumer _________. contingent uncertain credit rule 10 points QUESTION 2
QUESTION 1
1.The type of loan for which consumers do not pay the full amount at the time of purchase, but pay a portion of the amount owed in regular payments, is called consumer _________.
contingent
uncertain
credit
rule
10 points
QUESTION 2
1.Loans with regular payments are called _________________ loans.
future
present
installment
value
10 points
QUESTION 3
1._________ installment loans are loans in which the amount borrowed plus interest is repaid in a specified number of equal payments.
Open-end
Auto
Charge
Closed-end
10 points
QUESTION 4
1.______________ loans are loans in which there is no fixed number of payments.
Close-ended
Terminal
Nonterminal
Open-ended
10 points
QUESTION 5
1.The _______ price is the price you pay if you pay the full amount at the time of sale.
cash
credit
financed
installment
10 points
QUESTION 6
1.The _______ payment is a partial payment of the cash price paid at the time of sale.
cash
down
installment
credit
10 points
QUESTION 7
1.The _________________ is the total amount you pay in regular payments to pay off the balance of the loan.
down payment
selling price
amount financed
terminal price
10 points
QUESTION 8
1.The installment _______ is the amount you pay each period, including interest, to pay off the loan.
loan
interest
payment
tax
10 points
QUESTION 9
1.The ________ price is the total paid, including interest, to pay off an installment loan.
tax
financed
nominal
installment
10 points
QUESTION 10
1.The interest associated with an installment loan is part of the charges referred to as _______charges or carrying charges.
gifted
finance
latent
taxable
10 points
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