Interest and Consumer Loans Review
Authored by Sherri Taormina
12th Grade
CCSS covered
Used 11+ times
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13 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?
Tags
CCSS.HSF.BF.A.2
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
You lend $240 to your friend. He pays you back $270. What interest rate did you charge your friend?
Tags
CCSS.6.RP.A.3C
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
$827.52
$831.10
$839.45
$846.80
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?
$6,273.50
$6,314.08
$6,385.72
$6,427.94
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?
$15,415.94
$15,683.28
$15,927.56
$16,349.72
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which expression would determine the monthly payment on $14,000 paid back over a 10 year period at 6% simple interest?
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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?
Tags
CCSS.8.EE.C.7B
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