1. a) Thing that is borrowed, such as money.
  b) Written and signed agreement between two 
parties.
2.  a) Gives money to borrower.
  b) Make payments to pay money plus interest 
by future date.
  c) Bank or car dealership.
  d) You are charged late payment fee.
3.  a) Extra money you pay back for right to use 
somebody else's money.
  b) Finance charge.
4.  $700 interest.
5.  a) Annual Percentage Rate.
  b) Real loan interest rate after all extra fees are 
added to the loan.
  c) Extra 1% is extra fees the car dealership adds 
to the loan to make the real interest rate.
  d) Basic interest rate; APR interest rate.
6.  Down payment, sales tax, car license, car insur -
ance, maintenance and repairs, gas.
7.  FICO score.
8.  300 lowest to 850 highest.
9.  Your payment history; amount of money you 
owe;  how long you have credit history; if you 
have any new credit bills recently.
10.  High loan interest rate.
11.  Interest rate is lower.
12.  a) Monthly debt (bills).
  b) 53%.
  c) 36% or less.
  d) $1,080 in bills.
13.  a) $190.80 for 3 year loan.
  b) $124.55 for 5 year loan.
  c) $868.74 interest for 3 year loan.
  d) $1,473.01 interest for 5 year loan.
  e) $6,868.74 payback for 3 year loan.
  f) $7,473.01 payback for 5 year loan.
Your Money: Auto Loan Contract
QUICK CHECK ANSWERS:	
14.  a) $166 per month.
  b) $100.
  c) Student's opinion.
  d) Reason for opinion.