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QUESTION 1 The type of loan for which consumers do not pay the full amount at the time of purchase, but pay a portion of the amount owed in regular payments, is called consumer _________. contingent uncertain credit rule 10 points QUESTION 2 Loans with regular payments are called _________________ loans. future present installment value 10 points QUESTION 3 _________ installment loans are loans in which the amount borrowed plus interest is repaid in a specified number of equal payments. Open-end Auto Charge Closed-end 10 points QUESTION 4 ______________ loans are loans in which there is no fixed number of payments. Close-ended Terminal Nonterminal Open-ended 10 points QUESTION 5 The _______ price is the price you pay if you pay the full amount at the time of sale. cash credit financed installment 10 points QUESTION 6 The _______ payment is a partial payment of the cash price paid at the time of sale. cash down installment credit 10 points QUESTION 7 The _________________ is the total amount you pay in regular payments to pay off the balance of the loan. down payment selling price amount financed terminal price 10 points QUESTION 8 The installment _______ is the amount you pay each period, including interest, to pay off the loan. loan interest payment tax 10 points QUESTION 9 The ________ price is the total paid, including interest, to pay off an installment loan. tax financed nominal installment 10 points QUESTION 10 The interest associated with an installment loan is part of the charges referred to as _______charges or carrying charges.

QUESTION 1

  1. The type of loan for which consumers do not pay the full amount at the time of purchase, but pay a portion of the amount owed in regular payments, is called consumer _________.
    contingent
    uncertain
    credit
    rule

10 points

QUESTION 2

  1. Loans with regular payments are called _________________ loans.
    future
    present
    installment
    value

10 points

QUESTION 3

  1. _________ installment loans are loans in which the amount borrowed plus interest is repaid in a specified number of equal payments.
    Open-end
    Auto
    Charge
    Closed-end

10 points

QUESTION 4

  1. ______________ loans are loans in which there is no fixed number of payments.
    Close-ended
    Terminal
    Nonterminal
    Open-ended

10 points

QUESTION 5

  1. The _______ price is the price you pay if you pay the full amount at the time of sale.
    cash
    credit
    financed
    installment

10 points

QUESTION 6

  1. The _______ payment is a partial payment of the cash price paid at the time of sale.
    cash
    down
    installment
    credit

10 points

QUESTION 7

  1. The _________________ is the total amount you pay in regular payments to pay off the balance of the loan.
    down payment
    selling price
    amount financed
    terminal price

10 points

QUESTION 8

  1. The installment _______ is the amount you pay each period, including interest, to pay off the loan.
    loan
    interest
    payment
    tax

10 points

QUESTION 9

  1. The ________ price is the total paid, including interest, to pay off an installment loan.
    tax
    financed
    nominal
    installment

10 points

QUESTION 10

  1. The interest associated with an installment loan is part of the charges referred to as _______charges or carrying charges.

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