Credit Tutorial Quiz

You need 100% score to pass! You can do it!

Please enter your Full Name:

Directions: Check one answer for each of the following questions. Once you click the submit button, your score will be calculated and if you miss any questions you will be taken to a review page. If you successfully pass the quiz, you will be taken to the Certificate of Completion that you need to print out and bring with you to any of our branch locations.

1) Which loan will cost you more money?

 A. $1000 loan for 12 months at 5.00% APR
B. $1000 loan for 36 months at 5.00% APR


2) Which loan will cost you more money?

A. $1000 loan for 36 months at 5.00% APR
B. $10,000 loan for 12 months at 5.00% APR


3) Which loan will cost you more money?

 A. $7000 loan for 12 months at 14.00% APR
B. $7000 loan for 12 months at 28% APR


4) Which loan would be most likely to have the highest Annual Percentage Rate?

 A. A department store credit card
B. A mortgage (home) loan


5) Which loan would be most likely to have the lowest Annual Percentage Rate?

 A. An auto loan
B. A Visa card


6) On which days is interest added to your loan?

 A. Every business day until the loan is paid
B. Every day, excluding federal holidays until the loan is paid
C. Every single day until the loan is paid


7) Interest is ________.

A. the amount you pay to use someone else's money.
B. calculated by multiplying the interest rate times the amount borrowed
C. the time you take to pay back a debt


8) Which loan will have the highest payment?

 A. $8000 loan for 60 months at 6.00% APR
B. $8000 loan for 36 months at 6.00% APR


9) If your auto loan is secured with the car you purchased, the lender can take your car away and sell it if you don't make your payments as agreed.

 A. True
B. False


10) Which of the following is false?

A. The amount of time in which you agree to pay back your loan is called term.
B. The dollar amount of interest added to your loan each day changes when you make a payment.
C. Your principal balance means the amount you owe without interest added on.
D. You will pay more interest per payment at the end of a long-term loan than at the beginning.