Mild
A financial goal helps a person make this plan by identifying priorities and guiding how income is allocated
What is a budget?
This is the commonly used FICO score range.
This is the amount borrowed before interest and fees.
What is the principal?
Sharing an apartment with roommates is most likely to reduce this housing expense (you must choose the most common answer)
What is rent?
These are the three basic components of a loan
What are principal, loan term and interest rate?
Which budgeting method means setting aside money for this before spending the rest of your paycheck?
What is Pay Yourself First?
What happened to the woman in the video that failed to talk with her debt collector? What did the debt collector do?
They began to garnish her wages
A loan backed by collateral is this type of loan.
What is a secured loan?
This determines whether you are approved for a loan or not
What is credit score
As the loan balance decreases over time, this portion of the scheduled payment generally shrinks
What is interest?
This is the fee that you pay to borrow money
What is interest rate?
Why is it more difficult for young people to borrow?
Because they have less payment history (will accept because they have no credit history)
On a typical amortized loan, how are the payments scheduled each month? Are they the same, do they very slightly from interest or do they decrease monthly?
They stay the same
What are the two parts of an amortized or an installment loan?
What are principal and interest?