Simple Interest & Amortization Assessment

Kathleen received a loan from her bank for $4,085 for a period of one year.The interest rate is 4.95%.The original loan amount and the interest must be repaid in full at the end of the year.Determine the amount of interest that Kathleen will pay.

• $202.21

• $202.01

• $201.21

• $202.02

Tags

CCSS.7.RP.A.3

Seth financed a purchase of a used car for $6,750. He has a four-year loan at a 7.125% annual interest rate with monthly payments of $162.03.For his first monthly payment, calculate the amount that was paid in interest.

• $40.00

• $41.00

• $40.80

• $40.08

Seth financed a purchase of a used car for $6,750. He has a four-year loan at a 7.125% annual interest rate with monthly payments of $162.03. For his first monthly payment, calculate the amount that was applied to the principal balance.

• $121.95

• $122.95

• $123.95

• $124.95

Ben and Jen were given $5000 for a down payment on a house. They need $17,850. They can save $450 per month. How long will it take them to save up enough money?

• 23 months

• 25 months

• 27 months

• 29 months

The money originally invested or loaned, on which basis interest and returns are calculated is the

• Principal

• Balloon Payment

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan. (The extra money you pay for taking out a loan

• Annual Percentage Rate

• Interest Payment

The final loan payment that is much larger than the regular monthly payments

• Balloon Payment

• Hot Air Payment

Tags

CCSS.8.EE.C.7B

What is the monthly payment for a $4,000 3-year loan with an APR of 7.50%?

• $311.83

• $124.44

Tags

CCSS.8.EE.C.7B

What is the monthly payment for a $4,600 two-year loan with an APR of 8.25%?

• $208.56

• $211.43

Tags

CCSS.8.EE.C.7B

What is the monthly payment for a $11,000 10-year loan with an APR of 7.75%?

• $120

• $132

Tags

CCSS.8.EE.C.7B