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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define credit.
💡 Hint: Think about what it means to borrow.
Question 2
Easy
What are the 4 Cs of credit?
💡 Hint: These are the key factors lenders consider.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does 'credit' allow families to do?
- Buy goods without paying upfront.
- Only take loans from family.
- Never repay the borrowed amount.
💡 Hint: Consider the meaning of borrowing.
Question 2
The 4 Cs of credit include Character, Capacity, Capital, and what?
💡 Hint: No hint provided
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A family wants to buy a new television costing $800 and considers borrowing $600 at a 10% annual interest rate. Calculate the total amount they would need to repay after one year.
💡 Hint: Remember, interest is calculated as a percentage of the borrowed amount.
Question 2
A borrower has a monthly repayment capacity of $150. If they borrow $1,500 with a 12% annual interest rate over 12 months, calculate if they can manage the repayments effectively without financial strain.
💡 Hint: Use a loan calculator to estimate monthly payments including interest.
Challenge and get performance evaluation