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Personal Financial Literacy 1st Edition Joan Ryan - Solutions
4. How often can you see your credit report (without charge)? What Web site can you use to get a free credit report?
3. What can you do if you are denied credit?
2. What is the purpose of a credit score? How can you find your credit score?
1. What is the purpose of a credit report? What kind of information does a credit report contain?
List credit scams and ways to protect yourself from them.
Describe the process of resolution through filing a lawsuit.
Explain the process of alternate dispute resolution.
State the purposes of several consumer protection laws.
Explain consumer rights related to denied credit.
Explain the purpose of a credit report and credit score.
8. What is meant by bankruptcy fraud?
7. How is Chapter 13 bankruptcy different from Chapter 7 bankruptcy?
6. What are bankruptcy exemptions?
5. Why is Chapter 7 bankruptcy also called liquidation?
4. What are the two purposes of bankruptcy law?
3. How is debt management different from debt consolidation?
2. Explain how credit counseling can help to avoid bankruptcy.
1. What are some reasons people get into extreme debt and seek bankruptcy?
Explain bankruptcy exemptions and how they affect consumers.
Describe Chapter 13 Wage Earner Plan bankruptcy.
Describe Chapter 7 Liquidation bankruptcy.
List strategies to help avoid bankruptcy.
Explain the purposes of bankruptcy.
7. Describe what you can do to prevent garnishment or repossession of assets.
6. What is a collection agency? Why might your credit account be turned over to a collection agency?
5. What does the term delinquency mean as it relates to a credit account?
4. List three federal government agencies that help protect consumers. Give a brief description of what each agency does to help consumers.
3. Explain the purpose of consumer advocacy groups.
2. List ways you can protect yourself from credit card fraud.
1. Explain how to dispute an error on your credit statement.
List ways to prevent garnishment and repossession of assets.
Explain how government consumer protection services help consumers.
Describe the purpose of consumer advocacy groups.
List ways to prevent credit card fraud.
Explain how to dispute an error on a credit statement.
3. What steps related to his credit account can Enrique take to minimize his costs following the purchase?
2. What steps can Enrique take to minimize his total costs when choosing a source of credit?
1. What steps can Enrique take to minimize his total costs when choosing the television?
3. Sue Thomson bought a house for $178,750.00. She is getting a mortgage for $145,000.00. If a mortgage is for more than 80 percent of the value of the home, Sue’s lender requires that the borrower purchase mortgage insurance. Will Sue have to purchase mortgage insurance?
2. Albert Morrison took out a loan for $90,000.00 at 10 percent interest for 15 years. Albert’s monthly payments are $967.14. Part of each payment is applied to the loan balance, and part is for interest. He has made payments for 2 years (24 payments). He now wants to repay the loan early. The
1. The following charges are part of the closing costs for a loan. What is the total amount of the closing costs?Appraisal fee $500.00 Lender’s inspections fee $250.00 Credit report fee $ 50.00 Loan origination fee 1 percent of the loan amount of $250,000.00 Notary public fee $ 60.00 Document
18. Repaying a debt by making regular payments of principal and interest over a period of time is called .
17. A type of debt in which you borrow money for a period of time with an agreed-upon interest rate and repayment plan is called a(n) .
16. A(n) is a person who agrees to repay a loan if the borrower does not repay it.
15. Expenses the borrower must pay to get a loan, such as appraisal fees, credit report fees, recording costs, and inspection fees, are known as .
14. Payments that are made by transferring money electronically from a checking account to another account (such as a creditor’s) every billing period are called .
13. A(n) is debt used to finance education costs.
12. A fee charged for repaying a loan before the agreed-upon date is called a(n) .
11. A(n) is a type of prepaid check that directs payment of a sum of cash to the payee.
10. A service that allows you to make payments and manage your bank account using the bank’s Web site is called .
9. A personal check for which payment is guaranteed by the bank on which it is drawn is called a(n) .
8. A type of lender that makes a loan for the purchase of consumer goods, such as cars or household appliances, is called a(n) .
7. The amount of time you have before a credit card company starts charging you interest on your new purchases is called the .
6. A(n) is the process of sending money electronically rather than using paper checks.
5. are loans that are based on personal creditworthiness(that have no collateral).
4. A large payment, called a(n) , is much larger than other loan payments and must be paid at a set time, often as the last loan payment.
3. A loan for which property has been pledged as collateral called a(n) .
2. A debt instrument called a(n) is used to secure financing of a house purchase.
1. A type of mortgage loan called a(n) has an interest rate that can change over time, at the discretion of the lender.
2. Access the Occupational Outlook Handbook online. A link to the site is provided on the Web site for this textbook.
1. Choose a job in the health science field to explore further. Select a job from the list above, or choose another job in this career area.
3. Evaluate each offer. Do you think the lender is reputable? Are any of the terms questionable? Which offer has the most favorable terms for the borrower?
2. Find the following information for each loan offer:Type of loan (secured, unsecured, or student loan)Interest rate charged Length of the loan in months or years Application fees, closing costs, and other fees Penalties that may apply, such as a prepayment penalty
1. Find three advertisements of offers for loans. The loans can be personal loans, secured loans, or student loans. Newspapers, magazines, and the Internet are places where you may find loan offers. You could also ask about loans available at local banks or credit unions.
7. Describe one unethical loan practice.
6. List three ways you can reduce or avoid credit costs.
5. Why is it important for you to be able to cancel a credit card whenever you wish?
4. List the terms typically included in a credit offer.
3. Why should you consider the economy when planning credit purchases?
2. Explain how your credit history relates to the interest rate you may have to pay for credit. Why are some people who really need credit unable to get it?
1. Explain why using credit may tie up future income.
List ways you can reduce and avoid credit costs.
List the terms typically included in a credit offer.
Discuss why you should consider the state of the economy when planning credit purchases.
Explain why using credit may tie up future income.
8. Describe how a rent-to-own agreement works. What are the advantages and disadvantages of this purchase method?
7. What is the purpose of a student loan? From what sources are student loans available?
6. What is the purpose of a mortgage calculator?
5. What types of fees are typically included in loan closing costs?
4. What is a balloon payment? Why might this type of payment be included in a loan agreement?
3. Explain how a fixed rate mortgage differs from an adjustable rate mortgage.
2. How is a secured loan different from a personal loan? Give two examples of secured loans.
1. What is a personal loan? What factors affect the amount of a personal loan for which you may be approved?
Describe rent-to-own agreements and give their advantages and disadvantages.
Explain the purpose of a student loan.
Describe the purpose of a mortgage calculator.
Explain how a fixed rate mortgage differs from an adjustable rate mortgage.
Explain how a personal loan differs from a secured loan.
Describe types of consumer loans.
10. What is a prepayment penalty? Why might you still wish to pay off a loan early, even when there is a prepayment penalty?
9. What is a wire transfer? What is its primary advantage?
8. What types of information must customers provide to set up online payments at a creditor’s Web site?
7. What types of activities can customers do using online banking?Give one advantage and one disadvantage to making payments using online banking.
6. What are some advantages of using electronic payments? What are some disadvantages?
5. How is a cashier’s check different from a certified check? What are the advantages to using these methods of payment?
4. What is a money order? What are the advantages and disadvantages of making payments using a money order?
3. What are the advantages and disadvantages of making payments using a personal check?
2. What are the advantages and disadvantages of making payments using cash?
1. List four types of manual (not electronic) ways to make payments on a credit account.
Discuss prepayment penalties and why a loan might be repaid early.
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