
Monthly Payments
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
+3
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a monthly payment?
Back
A monthly payment is a fixed amount of money that a borrower pays to a lender each month to repay a loan.
Tags
CCSS.8.EE.C.7B
2.
FLASHCARD QUESTION
Front
How do you calculate total repayment on a loan?
Back
Total repayment is calculated by multiplying the monthly payment by the total number of payments (months) made.
Tags
CCSS.8.F.B.4
CCSS.HSF.IF.B.6
3.
FLASHCARD QUESTION
Front
What is interest in the context of loans?
Back
Interest is the cost of borrowing money, usually expressed as a percentage of the loan amount.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What is the formula to calculate interest paid on a loan?
Back
Interest paid = Total repayment - Principal amount.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
What does the term 'principal' refer to in loans?
Back
Principal is the original sum of money borrowed or the amount still owed on which interest is calculated.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
How do you find the total number of payments for a loan?
Back
Total number of payments = Number of years x 12 (months per year).
Tags
CCSS.8.EE.C.7B
7.
FLASHCARD QUESTION
Front
What is the significance of the interest rate in loans?
Back
The interest rate determines how much extra money the borrower will pay on top of the principal over the life of the loan.
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