1. Personal Finance Quiz
Mortgage vs Rent

2. 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

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

4. Your payment is made to a bank
Question 2

5. Your monthly payment is made to a landlord
Question 3

6. When you move in it requires a security deposit
Question 4

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

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

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

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

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

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