Auto Loans & Repossession
A loan backed by an asset like a haunted vehicle that the lender can repossess if you fail to make payments.
What is a Secured Loan?
The standardized summary box on a credit card application that lists the APR, grace period, and annual fees.
What is a Schumer Box?
The original amount of money borrowed before interest or fees are added.
principal
Count Vlad puts down $5,000 cash on a $20,000 coffin car. How much is his total loan principal?
15,000
In Mary Shelley’s original 1818 novel, what is the monster's actual name?
he had no name
Antonio the Vampire has $4,000 saved for a down payment on a $29,000 hearse. Calculate the remaining loan principal he needs to borrow.
What is $25,000
The window of time on a credit card where no interest accumulates if you pay your bill in full every month.
What is the Grace Period?
Every formal loan is made up of these 3 core components: principal, interest rate, and this time duration.
loan term
A witch puts down 20% cash on a $30,000 potion delivery truck. Calculate her upfront cash down payment.
6,000
What iconic, controversial Halloween candy was originally invented in the 1880s under the product name "Chicken Feed"?
candy corn
Choosing a 72-month auto loan over a 48-month loan lowers your monthly payment, but has this effect on your overall loan cost.
What is Increasing the total interest paid?
Unlike a credit card which borrows money, this card deducts money directly from your checking account instantly when buying treats.
debit card
Mortgages, student loans, and auto loans that are paid back in equal monthly installments over a fixed period.
installment loans
A goblin takes out a 4-year auto loan. How many total monthly payments will he make over the term of the loan?
48 monthly payments
Long before pumpkins were introduced to Europe from the Americas, what root vegetable did people in Ireland and Scotland carve to ward off evil spirits? (starts with a T)
turnips
Paying monthly installments to drive a spooky car for 3 years and returning it without owning it at the end.
leasing
Felix opens a card with no annual fee, but he will still pay this extra cost if he carries a balance month-to-month.
interest APR
A loan where the interest rate can increase or decrease over time based on economic conditions, adding risk to the borrower.
variable rate loan
If Delara only makes the minimum monthly payment on her tight budget credit card, where does part of her payment go every month besides reducing principal?
What is consistently ranked as the single best-selling chocolate candy brand in the United States during the Halloween season?
reeeses
Shonda's mom advises her to spend a year boosting her credit score before buying a $54,000 dream vehicle because it reduces this key rate.
APR
For an adult under 21 trying to get a credit card, having a parent or guardian sign as this guarantees access to credit.
co-signer
Valuable property (like a house or car) pledged to a lender that can be seized if you fail to repay a secured loan.
collateral
If a zombie borrows $10,000 at a fixed 5% APR and another borrows $10,000 at a variable rate starting at 4%, why might the variable loan cost more long-term?
The variable interest rate can increase substantially over time
Out of over 6,000 mammal species on Earth, bats are famous Halloween icons because they hold what unique title in the animal kingdom?
only mammal capable of true flight.