Chapter 3 Review - Financial Algebra

What would the monthly payment be on a purchase of a $10,000 car at 5.9% for 4 years?

• $239.34
• $234.39
• $212.50
• $250.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.B.4

Jaclyn has decided to purchase an $11,000 car.  She pans on putting $1000 down towrd the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find her monthly payment.

• $226.54
• $236.89
• $204.78
• $298.81

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.4

Omar has decided to purchase a $11,000 car.  He plans on putting 20% down toward the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find his monthly payment.

• $262.95
• $236.89
• $204.78
• $298.81

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

If you put down 20% on a $7000 car and pay monthly payments of $109.40 for 60 months, what is the total price of the car?

• $7262.95
• $7236.89
• $7204.78
• $7964.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Danny took out a loan of $3,200 at an APR of 15% for 6 months. What is his monthly payment?

• $555.20

• $288.96

• $556.80

• $558.40

Dean wants to take out a loan for $5,525 at an APR of 12% for 36 months. What will his monthly payment be?

• $183.43

• $133.15

• $213.82

• $161.88

Danny is looking to purchase a $6,000 engagement ring for his girlfriend. He has $4,000 to put down. What will his monthly payment be if he finances the remaining amount at an APR of 11% for 6 months?

• $344.20

• $2,000

• $20

• $176.80

Jessica just purchased a hot tub for $12,000. She put a down payment of $5,000 and financed the rest at an APR of 9% for 24 months. What is her monthly payment?

• $319.90

• $261.10

• $7,000

• $548.40

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94
• $15,683.28
• $15,927.56
• $16,109.05

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

Principal: $999
Interest Rate: 5.45%
Time: 19 years
Compounded Quarterly
State the future account balance.

• $2794.10
• $2738.11
• $2774.98
• $2807.11

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.B.5