Mortgage
What would your monthly payment for your mortgage be if the house costs $425,000, your down payment is $85,000, your term is 35 years, and your fixed APR is 3%?
$1,779/mo
True or False: You pay less interest if you have a good credit score & you pay your bill in full, on time.
TRUE!!!!
If you saved $7,460 up for a car, is it smarter to use the $7,460 as your down payment or to add $150 to your monthly payment for the first 20 months?
The $7,460 will be more beneficial for you.
True or False: It's better to start saving in school when you turn 18, so you are a legal adult.
FALSE!! Save as SOON as possible.
How much is your monthly payment on a medical loan if your loan amount is $22,000, the fixed interest rate is 7.4%, and the term is 50 months?
$512.66
What's a principal?
The original amount of $ borrowed in a loan/put in an investment
How much are you paying per month if your credit card balance is $6,846, the interest rate is 23.7%, and you'd like to have it paid off in 24 months?
It can be difficult to save for a down payment.
If you owe $45,000 in student loans, have a fixed interest rate of 6.8%, and a 20 year term, how much do you have to pay monthly?
$343.50
What's a common feature of medical loans?
Flexible repayment terms
What is the total interest owed if the house costs $265,000, down payment is $25,000, and the fixed APR is 4.5% with a 20 yr term?
$124,406
What does "APR" mean?
Annual percentage rate (APR) is the yearly interest rate that borrowers pay/investors get paid
What's the better option?
Car A: $10,000, 6.3% fixed interest rate, 72 month loan.
Car B: $12,000, 6.5% fixed interest rate, 50 month loan.
Car B! Higher monthly payment, but less interest paid.
How many adults out of 4 are in student loan debt?
1 in 4 adults
$15,453.11
Which factors affect a mortgage monthly payment total interest owed?
1. The size of the down payment
2. The interest rate
3. The borrower's credit score
4. Additional monthly payments
How many months would it take you to payoff a credit card balance of $5,130, fixed interest rate of 26.2%, and a $480 payment per month? How much interest are you paying?
13 months, $776 in interest
On a car payment, what is the correlation between credit scores and interest rates?
The better credit score you have, the lower amount of interest you have to pay.
If you have a monthly payment of $250, a term of 30 years, and a fixed interest rate of 5.7% how much is your student loan balance?
$43,073.71
Where can you usually apply for a medical loan?
Banks, credit unions, and online lenders
What's the most expensive house you can buy if the highest amount of $ for your down payment is $90,000 the fixed APR is 3.4%, the term is 30 years, and you can't spend more than $350 on a monthly payment?
$134,000
How can using a credit card make it easier for people to be in debt?
1. It's easier to overspend
2. Paying interest can make things more expensive
If you buy a car for $15,000, the fixed APR is 6.7%, and the term length is 36 months, what is the total interest you're paying on the 10th month of your loan?
(February 2026), $741.26
What are common reasons for young adults to go into student loan debt?
2. Young adults don't save enough for college/ don't have much knowledge
What is your term length if your monthly payment is $670, your fixed interest rate is 8.5%, and your loan amount is $30,000?