Blossum
This fee may be charged if you exceed the mileage limit in a vehicle lease.
Excess mileage fee,late payment fee,repossession fee, or down payment.
what is Excess mileage fee?
This type of credit allows a person to rent a car for a specified period, but they do not own the vehicle.
Installment account,charge account,vehicle lease, or revolving charge account.
what is vehicle leasing?
A charge account is typically used by businesses like these. which often sell goods like clothing or flowers.
What are a clothing store or flower shop?
What is one important thing you should do before signing a credit agreement?
What is reading the agreement carefully?
With this type of account, the buyer usually signs a contract and makes payments including finance charges over time.
Installment account,Charge account,vehicle lease, or Revolving charge account.
What is Installment account?
This type of loan is typically used to pay for education costs
Home equity loan,Personal Loan,Student Loan, or Vehicle Lease
What is a Student Loan?
Overusing this financial tool is a major reason people get into financial trouble
What is a credit card?
What is one common cost associated with using credit cards?
A flat rate for using cards anywhere, A monthly fee that doesn't change, An annual fee for using the card and charges for late payments, A one-time setup fee
What is an Annual fee?
This is a term used when a thief scans and stores credit card info to make unauthorized purchases.
Hint: first letters of the word are S K I M
What is skimming?
Which of the following is not a common type of credit available to consumers?
Credit card accounts,Charge accounts,Cash loan, or mortgage loan.
What is mortgage loan?
This type of credit is typically used for large purchases like furniture or appliances, with payments made over a set schedule.
Charge accounts,Installment account,Revolving charge account, or credit card.
what is Installment account
If you fail to make payments on an installment account, the seller can do this.
Reduce your payments, offer a discount, repossess the merchandise, or increase your credit limit.
what is repossess merchandise?
Which formula is used to calculate the finance charge?
Interest due = amount borrowed + interest rate x term of loan
Interest due = amount borrowed x interest rate x term of loan
Interest due = amount borrowed / interest rate x term of loan
Interest due = amount borrowed x interest rate / term of loan
what is Interest due = amount borrowed x interest rate x term of loan
This type of agreement is a legally binding contract between a borrower and a lender, outlining the terms of the loan.
Loan agreement,Credit agreement,Credit card agreement, or Payment plan.
What is a Credit agreement
Rosita knows that if her payment is late, she will be charged this additional fee along with finance charges.
What is a late fee?