Monthly Car Payments Quick Check

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
+2
Standards-aligned
Wayground Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a down payment?
Back
A down payment is an initial payment made when something is bought on credit, typically expressed as a percentage of the total purchase price.
Tags
CCSS.6.RP.A.3C
2.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be financed for a car loan?
Back
Total amount to be financed = Cost of the car - Down payment.
Tags
CCSS.6.RP.A.3B
3.
FLASHCARD QUESTION
Front
What does APR stand for in car loans?
Back
APR stands for Annual Percentage Rate, which is the annual rate charged for borrowing or earned through an investment.
Tags
CCSS.HSN.RN.A.2
4.
FLASHCARD QUESTION
Front
What is the formula to calculate monthly car payments?
Back
Monthly Payment = [P * r(1 + r)^n] / [(1 + r)^n - 1], where P = loan amount, r = monthly interest rate, n = number of payments.
Tags
CCSS.8.EE.C.7B
5.
FLASHCARD QUESTION
Front
If a car costs $24,000 and a buyer makes a $5,000 down payment, how much is financed?
Back
$19,000 is financed.
Tags
CCSS.7.EE.B.3
6.
FLASHCARD QUESTION
Front
What is the significance of comparing loan offers?
Back
Comparing loan offers helps determine which loan has the lowest interest and best terms, saving money over time.
7.
FLASHCARD QUESTION
Front
How does the length of a loan affect monthly payments?
Back
Generally, longer loan terms result in lower monthly payments but higher total interest paid.
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