Welcome to the Knowledge Mouse Online Quiz
Loans 101
| Questions |
Answers |
| Combining several loans into one larger loan resulting in one monthly payment |
Consolidation |
| Period of time in which the borrower does not have to pay interest or repay the principal on a loan |
Deferment |
| Temporarily suspends loan payments, but interest continues to accrue |
Forbearance |
| Failure to repay a loan according to the agreements of the promissory note and lender may take legal action |
Default |
| Failure to make loan payments when they are due |
Loan Deliquency |
| Amount of interest earned on a debt but not yet collected |
Accrued Interest |
| Adding up the total amount of interest owed since the last debt payment made and adding that amount to the cost of the long-term loan balance |
Capitalizing Interest |
