Ch 41: PLACE Business Education: Personal Credit and Loans

About This Chapter

Use this chapter to study personal credit and loans as you prepare for the PLACE Business Education exam. Each chapter comes with a quiz and a worksheet, so you can study more effectively.

PLACE Business Education: Personal Credit and Loans - Chapter Summary

Understanding how loans work--from both a business and personal perspective--is important information for any business-savvy person to understand. That's why the PLACE Business Education test will want you to know the following topics covered in this chapter:

  • Definition of loan
  • How bank loans work
  • The purpose of mortgages
  • How to figure out loan payments
  • The meaning of annual rate
  • Student loans and forbearance

Experienced, professional instructors will take you through these subjects in a way that is easily comprehended. Don't worry if you miss information your first time through; you can view the videos as often as you like. Additionally, each lesson comes with review materials that reinforce what you've learned in the video.

PLACE Business Education: Personal Credit and Loans Objectives

The Economics and Personal Finance area of the PLACE Business Education exam is one of five subareas on the test. Each question in this section is multiple choice. You'll be assessed on your understanding of personal credit and loans, as it relates to personal finance.

Take the quizzes at the end of the lesson to make sure you understand the information presented. Additionally, the quizzes will give you a chance to preview the types of questions that may appear on the PLACE Business Education exam.

6 Lessons in Chapter 41: PLACE Business Education: Personal Credit and Loans
Test your knowledge with a 30-question chapter practice test
What is a Loan? - Definition, Types, Advantages & Disadvantages

1. What is a Loan? - Definition, Types, Advantages & Disadvantages

Learn what a loan is and some of the most common types of loans that people get. Find out which loans are best for different situations and some of the advantages and disadvantages of getting a loan.

What Is a Bank Loan?

2. What Is a Bank Loan?

Bank loans are common types of funding for many people who want to buy big ticket items, such as cars or homes. Read on to find out more on what a bank loan is, what it is commonly used for, and the different types of loans banks offer.

What is a Mortgage? - Definition & Purpose

3. What is a Mortgage? - Definition & Purpose

Learn about one of the largest loans most people will ever encounter. Find out about the key elements to a mortgage and how a mortgage works when buying a home.

Calculating Monthly Loan Payments

4. Calculating Monthly Loan Payments

Watch this video lesson and learn how you can calculate your monthly payment when you are thinking of purchasing a car. Okay, you can also use this formula whenever you are getting a loan!

Effective Annual Rate: Formula & Calculations

5. Effective Annual Rate: Formula & Calculations

After watching this video lesson, you will understand how the interest rate that financial institutions, such as credit card companies, give you work. Also, learn how this interest rate may be different than the one you actually end up with.

What is Forbearance in Student Loans? - Definition

6. What is Forbearance in Student Loans? - Definition

This lesson will provide an overview of student loan forbearance. Student loans affect students and graduates across the country, and the forbearance option will be explored in this lesson.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the PLACE Business Education: Practice & Study Guide course

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