
2.12 Monthly Payments
Flashcard
•
Mathematics
•
University
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is the formula to calculate monthly payments on a loan?
Back
Monthly Payment = (Principal × Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^-Number of Payments)
2.
FLASHCARD QUESTION
Front
What does APR stand for in the context of loans?
Back
APR stands for Annual Percentage Rate, which represents the yearly interest rate charged on borrowed money.
3.
FLASHCARD QUESTION
Front
How many monthly payments are there in a 5-year loan?
Back
There are 60 monthly payments in a 5-year loan.
4.
FLASHCARD QUESTION
Front
If a loan has an APR of 12%, what is the monthly interest rate?
Back
The monthly interest rate is 1% (12% annual rate divided by 12 months).
5.
FLASHCARD QUESTION
Front
What is the impact of a higher APR on monthly payments?
Back
A higher APR increases the monthly payment amount, as more interest is charged on the loan.
6.
FLASHCARD QUESTION
Front
What is the principal in a loan?
Back
The principal is the original sum of money borrowed or the amount still owed on which the interest is calculated.
7.
FLASHCARD QUESTION
Front
How do you calculate the total cost of a loan?
Back
Total Cost = (Monthly Payment × Number of Payments) - Principal.
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