Practice Quiz : Loans

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 $11,000 10-year loan with an APR of 7.75%?

• $120

• $132

Tags

CCSS.8.EE.C.7B

What is the total amount of the monthly payments for a $5,200, two-year loan with an APR of 6.75%? Round to the nearest dollar.

• $2,000.58

• $5,573.57

Juliana is taking out an $8,700, 3 and a half year loan with an APR of 9.31%. What will the monthly payment be for this loan?

• $122.33

• $243.52

Define Credit.

• When you pay for something you purchase that day

• When you purchase something and don't pay for it right away

Define Assets

• Everything you own. Car, house, etc..

• The people in your life

What is Credit Rating?

• A count of the amount of credit cards you have

• Your credit "report card"

Define Finance Charge

• The cost of a product before an installment plan

• Another name for interest. (The extra amount you paid)

Tags

CCSS.3.OA.D.9

Shania bought a $1,455.00 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each.

How much is the down payment?

• $455.20

• $218.25

• $1,455.23

• $506.22

Shania bought a $1,455.00 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. What is the total amount of the monthly payments?

• $222.43

• $10

• $1454.04

• $2,356.28