Fin Lit Chapter 2 Assignment.docx

Fin Lit Chapter 2 Assignment.docx - Chapter 2 Assignment...

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Chapter 2 Assignment - Fill in the Blank in the Answers column Answers 1. The __________________ is one's total monthly mortgage payment divided by one's monthly gross income. PITI 2. The more _________paid upfront at closing, the lower the interest rate one will pay on the loan. money 3. Incurring debt to pay for everyday living expenses usually qualifies as _________debt. bad 4. Ones' total monthly debt payments should generally be less than ________% one's gross monthly income. 15% 5. Credit scores vary from a low of 300 to a high of _____________. 850 6. To lower one's monthly house payment is one reason people _____________their mortgage. raise 7. When it comes to what to pay a realtor to sell a home, the key word is ________________. negotiate 8. Consumers go astray when they rely on credit cards to live a lifestyle their _______ can't support. income 9. __________ is the debt management tool of last resort. bankruptcy 10 . The __________________ is one's total monthly debt divided by one's monthly gross income. back-end ratio 11 . Assume someone can afford a car payment of $200.00 per month. Assume the interest rate
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  • Fall '16
  • Kurt Sheppard
  • Debt, Credit card, credit score, Credit history, Equifax

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