SMART Goals
What does the S stand for?
specific
What does APR stand for?
Annual Percentage Rate
for example, you might have a 12% APR on your loan
FALSE
higher score is BETTER, so you are less risky to a lender
LOWER
2.50 current average
What does the M stand for?
Measureable
What does "secured" loan mean?
If you default on the loan, the bank or credit union keeps ownership of the item.
Secured loans are considered less risky to a lender
True
They maintain ownership of the item that you borrowed money for, so they can take the collateral if you fail to pay the loan
Price of a new pair of Carhartt work pants: 80 dollars
What does the A stand for?
What does "un-secured" mean?
un-secured loan is when you borrow money and the creditor does not hold any collateral of yours.
They are trusting that you will pay back the loan.
A single parent needs to work at least 130 hours a week, in order to earn a living wage
True
(though it would be nearly impossible to work that many hours, if you look at things from a mathematics perspective.... that is how many hours you would need to work
Price of a new pair of Georgia logging boots: 120
HIGHER; 150 to 230 average price
What does the R stand for?
Relevant (realistic is acceptable too)
What does "amortization" or "amortized" mean?
an amortized loan means that your payment amount will stay the same, throughout the life of the loan.
The FDIC insures up to 25,000 dollars per depositor
FALSE
up to 250,000 dollars
Price of average rent in Vermont, for a one-bedroom apartment: 950 to 1175 dollars
HIGHER: current average price for one-bedroom apartment in Vermont is 1700 to 1821 dollars
Time-bound
my term is 60 months
and I am borrowing 30,000 dollars:
What is my monthly payment?
$ 545. per month
Recidivism rates for those who complete a financial literacy course are over 40% lower than incarcerated individuals who do NOT take a financial course
True!!
Average life expectancy of US adult male: 82 yrs old