Podcast
Questions and Answers
What does the term 'amortization period' refer to in the context of a home loan?
What does the term 'amortization period' refer to in the context of a home loan?
- The period over which the Smiths will pay off their mortgage, including interest (correct)
- The down payment made on the home
- The interest rate applied to the loan
- The credit score required to secure the loan
What is the purpose of a down payment in the context of a home purchase?
What is the purpose of a down payment in the context of a home purchase?
- To reduce the amount borrowed and avoid private mortgage insurance (correct)
- To slowly pay off the loan amount
- To secure a favorable loan rate
- To transfer funds between accounts
In a mortgage payment, what does the term 'principal' refer to?
In a mortgage payment, what does the term 'principal' refer to?
- A portion of the payment that reduces the loan amount (correct)
- The interest rate applied to the loan
- The property used as collateral for the loan
- The credit score required to secure the loan
What role does a credit score play in securing a favorable loan rate?
What role does a credit score play in securing a favorable loan rate?
What type of account did John open to manage his daily expenses and paycheck deposits?
What type of account did John open to manage his daily expenses and paycheck deposits?
Which account does Maria add money to regularly to earn interest over time?
Which account does Maria add money to regularly to earn interest over time?
What method did Alex use to pay back his friend for concert tickets, making the transaction quick and easy?
What method did Alex use to pay back his friend for concert tickets, making the transaction quick and easy?
How does Sarah handle her finances without visiting the bank, thanks to its convenience?
How does Sarah handle her finances without visiting the bank, thanks to its convenience?
What did Noah check before traveling to ensure he exchanged his money at a good rate?
What did Noah check before traveling to ensure he exchanged his money at a good rate?
In order to build her credit history, what did Megan use responsibly, paying off her balance each month?
In order to build her credit history, what did Megan use responsibly, paying off her balance each month?
What did Ava decide to do from her savings to her chequing account in order to pay her tuition?
What did Ava decide to do from her savings to her chequing account in order to pay her tuition?
What does Kevin review monthly to keep track of his spending and account balances?
What does Kevin review monthly to keep track of his spending and account balances?
