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Money Matters Chapter 4 Semester Exam Review

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Content:
Definitions:
0. Myth: Home equity loan can be used for Emergency Fund
1. Type of mortgage that Dave recommends
2. Myth: Leasing a car is what sophisticated people do
3. Combining separate debt payments into a single payment
4. Baby Step 2
5. Myth: You can get a good deal on a new car.
6. When using credit, one spends this much more
7. Living in today%27s society without debt requires this
8. Number one target of credit card companies today
9. Myth: If I pay my credit card off every it%27s ok to use it
10. First charge card in the US
11. Use this to help get you out of debt!
12. Myth: I%27ll take out a 30 year mortgage %26 pay it like a 15
13. The best way to buy a car.
14. Myth: I am helping my friend if I loan them money.
15. Myth: it is wise to take out an ARM mortgage..

Answers:
0. Gazelle Intensity
1. leasing
2. Truth: Life happens and something else will be more impt.
3. 400%25 or more annually
4. depreciation
5. Truth: They are horrible, greedy rip off-s that benefit owners
6. The debt snowball
7. Truth: A debit card will do all of that
8. Truth: You will be moving when they foreclose on you
9. Truth: You will end up being responsible for the loan.
10. Truth: It is a tax on the poor and on people who can%27t do math
11. Purchase a used (two years or older) car.
12. ARM
13. Fixed 15 year
14. Teens
15. Truth: A new car loses 70%25 of its value in the first 4 years.