Please take into account the following points before starting
There will be several questions with increasing difficulty.
There is only one correct answer for each question.
You only have a few minutes to complete the test.
You can skip questions and answer them later.
Unanswered questions will count as errors.
What is the total amount of money borrowed?
Principal
Interest
Term
1/10
What is the additional fee charged for borrowing money?
Interest
Principal
Fee
2/10
How long do you have to repay the loan?
Term
Interest rate
Principal
3/10
What is the percentage charged on the borrowed amount?
Interest rate
APR
Fee
4/10
What does APR stand for?
Annual Percentage Rate
Average Percentage Rate
Actual Percentage Rate
5/10
Which is generally better, a fixed or variable interest rate?
Fixed
Variable
Neither
6/10
What are the early repayment penalties?
Fee
Interest
Principal
7/10
What are the hidden fees associated with a loan?
Origination fee
Processing fee
Both
8/10
What is the difference between a secured and unsecured loan?
Collateral
Term
Interest rate
9/10
What is a cosigner?
Guarantor
Borrower
Lender
10/10
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