Unit 4 Practice

Heather bought a $14,000 fishing boat on an installment

plan. She made a down payment $800,

and he has to make monthly payments of $745.50 for the next two

years. How much interest will he

pay?

• 11709

• 1392

• 3892

• 4692

Emily wants to borrow $12,000 to buy a used car. She examined her budget and decides that she can afford a payment of $250 a month. If her bank offers her an APR of 6.5%, how long should she borrow that money so she can afford her monthly payment?

• 3.6 years

• 4 years

• 4.6 years

• 5

Carly needs to borrow $11,000 for a used car over the next 4 years. She is able to secure a loan at an APR

of 5.5%. What are the total finance

charges she will pay over the life of the loan?

• 1279.36

• 12279.36

• 255.82

• 4279.36

What is the finance charge given the following credit card statement?

• 9.88

• 12.98

• 10.06

• 9.38

23. How much did Evelyn pay in Social Security tax in 2009 if she earned $82,000? In that year, Social Security was 6.2% of income up to $106,800.

• 6621.60

• 5084

• 6324

• 7440.60

How many payments are on a 5 1/2 year loan

• 55

• 65

• 66

• 61.2

Jodie

wants to borrow $24,000. Her bank

offers a 7.0% interest rate. She

can afford $520 a month for loan payments.

What should be the length of her loan to the nearest tenth of a

year?

• 4.2

• 4.5

• 4.8

• 5.5

Alexandra

has a $18,500, three year loan with an APR of 6%. What is the total amount of all the

monthly payments?

• 20500

• 20225.16

• 20375.54

• 32500.58

Susie bought a $2,100 computer on the installment plan. She made a $50 down payment, and she has to make monthly payments of $95 for the next two years. How much interest will she pay?

• 2330

• 180

• 275

• 230

Larry

had these daily balances on his credit card for his last billing

period. He did not pay the card in

full the previous month, so he will have to pay a finance charge. The APR is 19.%. What is the average daily balance?

Nine days @ $778.12

Eight days @ $1,876.00

Four days @ $2,112.50

Ten days @ $1,544.31

• 1512.50

• 1544.31

• 1258.52

• 1480.78