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[matchitisiw]

I have the answers marked! I just need you guys to tell me if I'm wrong or right and to fix my answers if they're wrong. That's all I ask! I ain't like most people who sit here and throw the questions at you without even trying! I tried.. I only have 4 pages of information to work with but I tried. Please help me?

1. A FICO® score represents all of the following EXCEPT: (1 point)
the amount of money in your retirement account.
income to debt ratio. **************
creditworthiness.
length of credit history.

2. On average, compared to a person with good credit, a person with poor credit will pay _____ for insurance? (1 point)
5% to 10% more ***********
10% to 15% less
20% to 50% more
25% to 40% more

3. How long does it take to rebuild your credit history? (1 point)
8 years
7 years
9 years
30 years **********

4. Secured debt means a lender gives you money in exchange for what? (1 point)
Collateral
Credit report
Principal **********
Interest

5. Which type of debt is the least attractive for a consumer? (1 point)
Unsecured debt
Secured debt **********
Mortgage debt
Lease debt

6. When as asset, such as a car, decreases in value over time what is it called? (1 point)
Financing ************
Equity
Leasing
Depreciation

7. If you miss one payment on a credit card, what is generally the penalty? (1 point)
A higher interest rate
A lower available credit line
A late payment fee
A negative notation on your credit report ******************

8. If you miss two payments on a credit card, what is generally the penalty? (1 point)
A higher interest rate and a late payment fee
A late payment fee and a lower available credit line **************
A late payment fee
A negative notation on your credit report

9. If you have $1,000.00 on a credit card and the interest rate is 23.7% per year, how much interest will you pay for one year? (Multiply rather than compound your interest.) (1 point)
$2,370.00
$23.70
$237.00 ********
$230.70

10. How many monthly payments are there in a 30-year loan? (1 point)
30
365
360
100 ***********

[andor25]

I have the answers marked! I just need you guys to tell me if I'm wrong or right and to fix my answers if they're wrong. That's all I ask! I ain't like most people who sit here and throw the questions at you without even trying! I tried.. I only have 4 pages of information to work with but I tried. Please help me?

1. A FICO® score represents all of the following EXCEPT: (1 point)
the amount of money in your retirement account.
income to debt ratio. **************
creditworthiness.
length of credit history.

2. On average, compared to a person with good credit, a person with poor credit will pay _____ for insurance? (1 point)
5% to 10% more ***********
10% to 15% less
20% to 50% more
25% to 40% more

3. How long does it take to rebuild your credit history? (1 point)
8 years
7 years
9 years
30 years **********

4. Secured debt means a lender gives you money in exchange for what? (1 point)
Collateral
Credit report
Principal **********
Interest

5. Which type of debt is the least attractive for a consumer? (1 point)
Unsecured debt
Secured debt **********
Mortgage debt
Lease debt

6. When as asset, such as a car, decreases in value over time what is it called? (1 point)
Financing ************
Equity
Leasing
Depreciation

7. If you miss one payment on a credit card, what is generally the penalty? (1 point)
A higher interest rate
A lower available credit line
A late payment fee
A negative notation on your credit report ******************

8. If you miss two payments on a credit card, what is generally the penalty? (1 point)
A higher interest rate and a late payment fee
A late payment fee and a lower available credit line **************
A late payment fee
A negative notation on your credit report

9. If you have $1,000.00 on a credit card and the interest rate is 23.7% per year, how much interest will you pay for one year? (Multiply rather than compound your interest.) (1 point)
$2,370.00
$23.70
$237.00 ********
$230.70

10. How many monthly payments are there in a 30-year loan? (1 point)
30
365
360
100 ***********

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