
11.4 Review
Quiz
•
Mathematics
•
12th Grade
•
Medium
Christine Miller
Used 5+ times
FREE Resource
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10 questions
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1.
FILL IN THE BLANK QUESTION
2 mins • 1 pt
A fixed installment loan is one where you pay a __________ amount of money for a set number of payments.
2.
OPEN ENDED QUESTION
3 mins • Ungraded
Kim is buying a car for 20,000. The car salesman advertises an APR of 6.5% for 36 payments. What is the finance charge? What is the monthly payment?
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3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is a finance charge?
The total amount of money the borrower must pay for borrowing the money.
The total amount a bank is paying when money is borrowed.
The total amount of interest owed as well as the amount of money that is being borrowed.
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Braden is buying a tiny home for $30,000.00 She makes a down payment of $10,000.00 and decides to finance the rest through her bank. The loan officer lets her know that her payments will be $420 for 60 payments. Determine the finance charge.
$20,000.00
$25,200.00
$5,200.00
$30,000.00
5.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
If you decide to pay off a loan early, the amount of the reduction of the finance charge from paying off the loan early is called ______________.
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The monthly payment on a loan is $67.16 where there are 24 monthly payments at an APR of 7%. You decide to pay off this loan on payment 18. How much money on interest will be saved?
$826.07
$8.09
$402.96
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A credit card is a common example of a(n) _____________.
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