Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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- If a consumer with a relatively low credit score applied for a loan from your bank, what other criteria might you consider before deciding to grant a loan?arrow_forwardWhat is the difference between a line of credit and a short-term loan?arrow_forwardIf you were taking out a loan and the interest rate was the same either way, would you want it to be a simple interest loan or a compound interest loan?arrow_forward
- How does compound interest affect the loans you undertake? For example, how would this affect student loans that are currently in deferral?arrow_forwardWhat are three different things you can do to get a lower interest rate on your loan without changing your credit score?arrow_forwardDescribe payday loans, tax-refund advances and structured-settlement advances—the differences between these financing products and the concerns that are associated with similar short-term loan products. Specifically, explain the effect these can have on your future cashflow.arrow_forward
- You have a choice among three types of loan (discount loan, interest - only loan, and amortized loan), and wish to pay the LEAST expensive cost of borrowing. An amortized loan will the cheapest option. true or falsearrow_forwardWhich of these statements is true? A)There is no reason to pay off a loan early B) when shopping for a loan, you need to compare only APRs C) the more you owe, the higher your interest payment will be D) you can save money by making the smallest down payment the lender will allowarrow_forwardDescribe a short-term financing option and discuss the advantages and disadvantages. Is there a limit to the amount of a short-term bank loan?arrow_forward
- Discuss the basics of loan amortization and develop a loan amortization schedulethat you might use when considering an auto loan or home mortgage loan.arrow_forwardExplain in your own words the difference between the lender's yield and the effective borrowing cost. What are mortgage discount points? When does it make sense to pay points on a loan? How can a borrower make a decision? Find a web source where you can compare mortgage options. Post a link here and discuss the clarity of information provided.arrow_forwardWhich of the following type of loan is best used for temporary shortfalls of income? a. Secured loans b. Long Term Loan c. Line of Credit d. Short-Term Loanarrow_forward
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