Installment Loans-Allocation of Monthly Payment

The _________ ________  is a schedule showing the distribution of interest and principal payments on a loan over the life of the loan

• repayment schedule
• promissory note 
• single payment loan 
• installment loan 

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

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

What is the formula for simple interest

• Principal x Rate x Today

• Principal x Rate x Amount

• Principal x Rate x Time

• Principal x Rate x Loan Balance

What is the formula for Payment to Principal?

• Payment to Principal = Monthly Payment - Interest Payment

• Payment to Principal = Monthly Payment x Interest Payment

• Payment to Principal = Monthly Payment + Interest Payment

• Payment to Principal = Monthly Payment - Time

To add an additional room to her home, Candy received a 48 month at 10%. Her monthly payment is $254.00 What are the interest and payment to principal for the 1st payment?

• $83.33, $170.67

• $103.33, $170.67

• $183.33, $170.67

• $93.33, $170.67

Susie wants to buy a used car. The bank agreed to lend her $7,800 at 12% for 36 months. If her monthly payment is $258.96, what is the new balance after the first payment?

• $77.14

• $7,619.04

• $1,264.35

• $3.56

Money you pay upfront toward the purchase to reduce the loan amount ?

• origination fee

• prepayment penalty

• down payment

• discount points

Tags

CCSS.5.NBT.A.2

The final payment date of a loan is known as the ?

• maturity date

• loan term

• down payment

• origination term

Fixed interest rates mean:

• you will have the same interest rate for the life of the loan

• you will have a different interest rate for the life of the loan