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Terms in this set (15)
What are the two most important factors of your FICO Credit Score?
-Payment history and credit utilization
What are the ranges for Bad, Fair, Good, and Excellent Credit according to your FICO Credit Score?
...
What is included in your credit report?
contains personal information, credit account history, credit inquiries and public records
What are some negative effects of having bad credit?
Credit and loan applications may not be approved. ...
Difficulty getting approved for an apartment. ...
Security deposits on utilities. ...
You
can't get a cell phone contract. ...
You might get denied for employment. ...
Higher insurance premiums. ...
Calls from debt collectors. ...
installment loan
used to finance a specific purchase for a specific amount of time. Regular payments are made to pay the interest and the principal.
revolving credit
an open line of credit that can be used for any purchases as long as you're under the credit limit. Payment amounts vary each pay period based on the size of the debt.
Secured debt
debt is tied to a specific asset that can be used as collateral and repossessed if borrower doesn't make payments
Unsecured debt
debt is not tied to a specific asset; there is no collateral that can be repossessed if borrower defaults
Variable-rate
interest rate can change during the duration of the loan based on the prime rate or an index rate
Fixed-rate
interest rate remains constant during the duration of the loan
An Auto-loan with an interest rate that does not change is an example of what type of debt?
Installment, secured, and could be variable or fixed
What is the name of the box that has your credit card terms and information on it?
schumer box
Which best describes how a credit card works?
The credit card company extends you a line of
credit.
You purchase "stuff" and then have the choice to pay the balance in full or a minimum payment each month.
What is the advantage of paying your credit card balance in full each month?
You pay only a small amount of interest.
Why is it more difficult to get out of debt when only paying the minimum payment?
Your entire minimum payment goes toward principal and the interest continues to compound.
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linear algebra
Let $T(x) = Ax$ for the given matrix A. Determine if T is one-to-one and if T is onto. $$ A=\left[\begin{array}{rr} 1 & -3 \\ -2 & 5 \end{array}\right] $$
Verified answer
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In this exercise, solve the first-order linear differential equation. $$ (x+3)y^{\prime}+2y=2(x+3)^2 $$
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*Simplify the given expression. Write each result using positive exponents only. See the discussed examples.* $$ \left(z^5 x^5\right)^{-3} $$
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Write the first five terms of the arithmetic sequence. a$_{1}$ = 7, d = 5
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