Consumer Math Chapter 8 Review

Thomas obtained a single-payment loan of $21,400 to purchase a diamond necklace. He agreed to repay the loan in 120 days at an ordinary interest rate of 8.5%. What is the maturity value of the loan?

• $20,019.31

• $22,006.33

• $23,301.05

• $23,926.33

Jodi obtained a single-payment loan of $1,600 and agreed to repay the loan in 120 days at an ordinary interest rate of 7.5%. What is the maturity value of her loan?

• $1,640

• $1,720

• $1,850

• $1,900

I am buying season tickets for $4,500. I am required to put 25% down. How much money do I need to give for the down payment?

• $450

• $710

• $1,125

• $2,302

Madelyn purchased furniture for $587.33. Using the store's installment plan, she made a $147.00 down payment. What amount did she finance?

• $404.12

• $440.33

• $489.02

• $501.33

Laura took an installment loan for $7,500, with a $1,875 down payment. She agreed to repay the loan in 12 monthly payments at 9% APR. What is the finance charge?

• $280.00

• $506.25

• $428.92

• $509.57

Laura took an installment loan for $7,500, with a $1,875 down payment. She agreed to repay the loan in 12 monthly payments at 9% APR. What is the amount she will repay for the loan?

• $7,500.00

• $5,625.00

• $6,950.92

• $6,131.25

Mark has a loan at 10% interest for $33,825 for 96 months. The monthly payment is $512.90. The balance after payment 70 is $12,397.86. What is the payment if the loan is paid off with payment number 71?

• $12,501.18

• $12,816.04

• $13,182.38

• $13,816.07

Use the formula to calculate the monthly payment on an installment loan for $1,800.00 with an APR of 9% to be paid off in 36 months.

• $208.71

• $114.18

• $82.56

• $57.24

Liam obtained an installment loan of $3,600.00 with a finance charge of $126.18. He agreed to pay off the loan in 18 monthly payments. Use the formula to find the APR.

• 43.7%

• 4.37%

• 15.9%

• 1.59%

If a loan has a balance of $2,600 with an interest rate of 10% and a monthly payment of $189.45, find the allocated amount of the payment for interest.

• $21.67

• $37.97

• $58.23

• $89.45