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FMLY 2400 EXAM LATEST UPDATE
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FMLY 2400 EXAM LATEST UPDATE ...
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FMLY 2400 EXAMLATEST UPDATE
What are the two definitions of credit? - Answer Borrowing money now, promise to pay
later with interest; Borrowing capacity of the individual
What is a payday loan? - Answer High interest short term borrowing option
What is the APR for a payday loan? - Answer 652% APR (Annual Percentage Rate)
Does paying a payday loan on time build credit? - Answer No
What is a line of credit? - Answer Borrowing option that needs approval for a set amount
of funds, only charged interest if you use those funds
What is a benefit of a line of credit? - Answer You can use and reuse at your
will/convenience
What is a con of a line of credit? - Answer Daily interest that needs a minimum monthly
payment
What is the APR for a line of credit? - Answer 3-20%
What is a credit card? - Answer Borrowing option with a plastic card of a credit limit to
borrow from
What is the benefit of most credit cards? - Answer Allow purchases within a certain time
period without interest if you pay the statement on time
What factors determine the interest and annual fees of a credit card? - Answer The card
and bank
What is the APR for a credit card? - Answer 8-40%
What is an installment loan? - Answer Borrowing a lump sum of funds to a certain limit
What is a benefit of an installment loan? - Answer Funds available immediately
What is a responsibility of an installment loan? - Answer Paying a series of payments
overtime
Can issued funds from an installment loan be reused? - Answer No, it is a one-time loan
What is the APR for an installment loan? - Answer 6-46%
What is overdraft protection? - Answer Financial institution allows you to withdraw and
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