Chapter 8 Review

Mrs. Quail purchased Wild Water West season tickets for her family for $1200.00. The down payment was $250.00. What is the amount she financed?

• $1000

• $950

• $1050

Jimmy Johns purchased new equipment for $3950. The down payment is $1200. What is the amount financed?

• $3750

• $2700

• $2750

Lady Gaga bought a dining set for $3600 with a 40% down payment. What is the amount financed?

• $2160

• $1440

• $5040

Justin Bieber purchases cruise tickets for $5364 with a 25% down payment. What is the amount financed?

• $1341

• $4023

• $6705

Miley Cyrus bought a pair of skis for $1000. Her APR is 10% for 6 months. What is her total repaid?

• $171.56

• $29.36

• $1029.36

Will Smith Obtained an installment loan to purchase a small plane for $20,000. The APR is 9% for 36 months. What is the total amount of interest paid?

• $2895.64

• $635.99

• $22899.64

Kari Gunning obtained a loan for $5300 at 12% annual interest for 24 months. How much of her first monthly payment went to interest?

• $196.49

• $53.00

• $249.49

Daniela Nanz obtained a $2500 loan at 12.5% for 12 months to buy porch furniture. What is the amount of her balance after 2 months?

• $2303.33

• $2104.61

• $1700.94

Jacob Stanza obtains a single payment loan for $2500 at 5.5% ordinary interest for 180 days. What is the maturity value of the loan?

• $67.08

• $68.75

• $2567.80

• $2568.75

Sally Ride obtained an installment loan to purchase a new spacesuit. Her loan was for $3200 at 6% exact interest for 180 days. What is the maturity value of the loan?

• $3296.00

• $3294.68

• $96.00

• $94.61