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LET’S PRACTICE
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14. Ellie missed two of her student loan payments of $123.50 each, plus late fees totaling $40.00. Her loan is now 45 days past due. How many more days does she have to bring it current before it is reported to credit bureaus as delinquent? a. 45 c. 90 b. 270 d. 10 15. Regarding Ellie in question 14, how much must she pay in order to bring her student loan current and eliminate the delinquency status? a. the entire loan balance b. $123.50 c. $138.50 d. $287 16. Regarding debt, financial experts advise: a. take on debt to fund most purchases, in order to establish a good credit history b. only take on debt after being employed for several years c. taking on debt has no negative effects if you do not overspend d. take on as little debt as possible and pay it off aggressively 17. Marie hasn’t made a payment on her student loan in 270 days. Her loan is now: a. delinquent c. current b. in default d. overdue 18. T F Student loan defaults are not reported to credit bureaus. 19. Enrique is considering applying for a home loan. The interest rate is 4%. He has decided that this is a satisfactory rate. What should he look at to understand the true cost of this loan and how is it different from the interest rate? _ ____________________________________________________________________ _ ____________________________________________________________________ 20. Consumer credit provides consumers with _______________. a. purchasing power PRODUCT PREVIEW
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b. income c. innovation d. education
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 133
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