Financial Mathematics: Loans

Monique received a loan from her bank for $4085 for a period of one year. The interest rate is 4.95%. The original loan amount and interest must be repaid in full at then end of the year. Determine the amount of interest that Monique will pay.

Tags

CCSS.7.RP.A.3

Max borrowed $2150 using the exact interest method. He will pay an annual interest rate of 5.29% and will repay the loan in 58 days. Calculate the amount that Max sill pay back when he repays the loan.

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CCSS.7.RP.A.3

Seth financed a purchase of a used car for $6,750. He has a four-year loan at 7.125% annual interest rate with monthly payments of $162.03. For his first monthly payment, calculate the amount that was paid in interest.

Seth financed a purchase of a used car for $6,750. He has a four-year loan at 7.125% annual interest rate with monthly payments of $162.03. For his first monthly payment, calculate the amount that was applied to the principal balance.

Marisol has a loan that she used for vision correction surgery. She originally borrowed $3680 at an annual interest rate of 8.45% for three years. Using the Finance App on your graphing calculator, calculate Marisol's monthly payment.

Manny is considering a payday loan for $245. The payday lender charges 24.5% for a brokerage fee, plus 0.43% in interest charges for a 14-day term loan. How much will Manny pay back at the end of 14 days?

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CCSS.6.RP.A.3C

Tara is attending graduate school, and her tuition and fees for one year are $9,390. Based on her family's income, Tara and her family are responsible for 60% of the tuition and fees. The remaining balance can be paid for using student loans. How much in student loans is Tara eligible for?

Tags

CCSS.6.RP.A.3C

Mason is attending a community college to obtain a two-year degree. The annual cost of tuition and fees are $3750. Mason has obtained an annual scholarship of $1250 and annual grants in the amount of $835. The remainder of Mason's tuition and fees will be paid for using student loans. At the end of the two-year degree, what will Mason's student loan balance be?

When Tom and Eva got married, Eva's grandparents gave them $5000 toward a down payment for a new house. In order to buy a house in the neighborhood where they would like to live, Tom and Eva need to have a down payment of $17850. They can afford to save $450 per month. How many months will it take them to save enough money for their down payment?

Keisha has a checking account balance of $471.19. She wrote a check to Macy's for $104.84. What is Keisha's new checking account balance?

Tags

CCSS.6.NS.B.3