Personal Finance Quiz Mortgage vs Rent

For this quiz you need to read the statements that are given and identify if a mortgage or rent is being described. So the answer to every question will either be the word Mortgage or the word Rent Mortgage vs. Rent

Your payment includes: property taxes, PMI, insurance, principal and interest Question 1

Your payment is made to a bank Question 2

Your monthly payment is made to a landlord Question 3

When you move in it requires a security deposit Question 4

Can be offered with either a fixed interest rate or an adjustable interest rate Question 5

Sometime utilities like water, electricity, and heat will be included in your monthly payment Question 6

Because such a large sum of money is being borrowed the house you live in is required to be collateral Question 7

If you move out before your lease expires it will cost you a penalty Question 8

The longer you live there and make payments you earn money called equity Question 9

Requires you to pay the purchase price of the house called principal and an extra fee to the bank called interest Question 10