Credit and Debt quiz
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More questions about Credit and Debt
These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.
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Which debt survives bankruptcy?
Answer: Court fines
Why: Bankruptcy law treats fines as punishment, not as ordinary debts owed to creditors.
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How much of a 30-year 7% loan's first payment is interest?
Answer: About 88%
Why: Interest's share falls every month, and by the final payment less than 1% of it is interest.
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What simple APR is a $34 fee on a 3-day, $24 overdraft?
Answer: About 17,000%
Why: At the US banks studied in 2014, overdraft and bounced-payment fees were over half of checking-account fee income.
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Which debt saves the most interest if you pay it off first?
Answer: Highest-rate debt
Why: Each extra $100 cleared from a 20% debt saves $20 a year in interest; on a 5% debt, only $5.
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How long can EU borrowers cancel a consumer loan without a reason?
Answer: 14 days
Why: Cancelling means repaying the money plus interest for the days you had it, within 30 days.
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How much higher is a 25-year loan's payment at 6% than at 3%?
Answer: About 36%
Why: Total interest more than doubles, though: about $42,000 at 3% becomes about $93,000 at 6%.
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