Homes Unit Review 1

Which expression would determine the monthly payment on $14,000 paid back over a 10 year period at 6% simple interest?

• [(14000)(.60)(10) + 14000] ÷ 120
• [(14000)(.06)(10) + 14000] ÷ 12
• (14000)(.06)(10) + 140000
• [(14000)(.06)(10) + 14000] ÷ 120

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.

Tags

CCSS.7.RP.A.3

The _______ is the portion of the cash price that is owed on an item after making the down payment. 

• down payment 
• amount financed 
• final payment 
• installment loan

Tags

CCSS.7.RP.A.3

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

• single payment loan 
• installment loan
• maturity value 
• ordinary interest 

The _______ is the amount of time for which a loan is granted before it has to be repaid

• term
• principal 
• amount financed 
• final payment 

Tags

CCSS.5.NBT.A.2

The party extending credit.

• Creditor
• Debtor

The party receiving credit.

• Debtor
• Creditor

A loan for an agreed amount of money that must be repaid with interest by a specified date or according to a defined schedule.

• Consumer credit
• Closed-end credit

A portion of the purchase price paid up front.

• Down payment
• Up payment

The amount of money borrowed.

• Down payment
• Principal