Car Payments

Purchasing a car on a loan through the bank or dealership is called:

• franchising
• financing
• amortizing
• loaning

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CCSS.HSA.SSE.B.4

Brenda's bank offers car financing for 3, 4, or 5 years.  If Brenda chooses 5-year financing, how many monthly payments will she have?

• 60
• 48
• 36
• 12

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In the monthly payment formula, what value would you put for r if the interest rate is 5.4%?

• .0054
• 5.4
• .45
• .0045

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What would the monthly payment be on a purchase of a $10,000 car at 5.9% for 4 years?

• $239.34
• $234.39
• $212.50
• $250.00

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What would happen to a monthly payment if the interest rate increased?

• The payment would go up.
• The payment would go down.
• The payment would remain the same.
• None of the above.

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Which of the following has no effect on the monthly payment?

• Interest Rate
• Down Payment
• Numbers of months the car is expected to be financed
• Length of buyer's driving record

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CCSS.HSA.SSE.A.1

Jaclyn has decided to purchase an $11,000 car.  She pans on putting $1000 down towrd the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find her monthly payment.

• $226.54
• $236.89
• $204.78
• $298.81

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An increase in which of the following will decrease the monthly payment?

• Interest rate
• Down payment
• Principal
• None of the Above

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Omar has decided to purchase a $11,000 car.  He plans on putting 20% down toward the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find his monthly payment.

• $262.95
• $236.89
• $204.78
• $298.81

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If you put down 20% on a $7000 car and pay monthly payments of $109.40 for 60 months, what is the total price of the car?

• $7262.95
• $7236.89
• $7204.78
• $7964.00

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