5. General factors to consider when shopping for a consumer loan Factors to consider Before Taking Out a Consumer Loan You've made the decision to purchase an item that is affordable only with a loan. When shopping for a loan, there are many aspects of the loans that you should examine. Which of the following questions should be asked and answered about a specific toan proposal before accepting a lender's offer? Check all that apply What is the total cost of transaction cost of item purchased plus cost of loan)? What is the likelihood that, in the near future, you will receive a raise at work? Do the loan's monthly payments nt in my budget 111 accept the loan, what is my new debt satety ratio? Does the loan have a prepayment penalty You're shopping for a big loan, but you have misgivings about Janet, the loan officer, at an institution you just visited. What are some reasons that may have you uneasy about accepting a loan there? Check all that apply. When you hled out the loan application, Janet told you to leave out the smaller amounts you owe to department stores Janet volunteered pertinent information that you didn't even know enough to ask about Janet said that today is the only day you can secure the loan with favorable terms. When you filled out the application, Janet said if you weren't sure about something on it, you could take the application home and complete it when you had the correct answers Janet encouraged you to shop around Janet gave you a range of terms and said they'll be worked out at closing for lanet said that her loan was most likely the only one youtube to obtain Janet told you that the interest rate is the only important fee to worry about and that discussing the APR is an unnecessary complication What are the characteristics of your reasons for feeling uneasy about Janet the loan officer? Check all that apply. Feeling under pressure to make a decision The loan officer's embellishment of the facts The way the loan officer omitted pertinent information Your friend suggested you look into a variable-rate loan. What questions should you ask? Check all that apply. How many points are added to the base rate? Can I afford the maximum possible monthly payment? Is there a maximum rate? What is the interest rate tied to? OF Given the long list of relevant toan related considerations described above, the paradox of choice orten arises when attempting to make borrowing decisions. Which of the following phrases addresses the characteristics and recommended solutions for this phenomenon? Check all that apo El Arses when there are too few alternatives and you wish you had more features or options to select from Prepare a ist of possible alternatives and make a random selection Anses when there are too many complicated choices, such you can become overwhelmed and make poor decisions You're shopping for a big loan, but you have misgivings about Janet, the loan officer, at an institution you just visited. What are some reasons that may have you uneasy about accepting a loan there? Check all that apply. When you filled out the loan application, Janet told you to leave out the smaller amounts you owe to department stores. Janet volunteered pertinent information that you didn't even know enough to ask about. Janet said that today is the only day you can secure the loan with favorable terms. When you filled out the application, Janet said if you weren't sure about something on it, you could take the application home and complete it when you had the correct answers. Janet encouraged you to shop around Janet gave you a range of terms and said they be worked out at closing Janet said that her loan was most likely the only one you'd be able to obtain Janet told you that the interest rate is the only important fee to worry about and that discussing the APR is an unnecessary complication What are the characteristics of your reasons for feeling uneasy about Janet the loan omcer? Check out that apply. Feeling under pressure to make a decision The loan officer's embellishment of the facts The way the loan officer omitted pertinent information Your friend suggested you look into a variable-rate loan. What questions should you ask? Check all that apply. How many points are added to the base rate? Can I afford the maximum possible monthly payment? Is there a maximum rate? What is the interest rate tied to Given the long list of relevant loan related considerations described above, the paradox or choice often arises when attempting to make borrowing decisions, which of the following phrases addresses the characteristics and recommended solutions for this phenomenon? Check allenat oppy Arises when there are too fewaternatives and you wish you had more features or options to select from Prepare a list of possible alternatives and make a random selection Anses when there are too many complicated choices, such you can become overwhelmed and make poor decisions Identify your goals and a framework for evaluating any trade-offs that must be made when making your decision