Installment Loan Quizizz
Authored by Timothy McGill
Mathematics, Business
9th - 12th Grade
CCSS covered
Used 13+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This is considered the amount of the loan
Finance Charge
Installment Price
Amount Financed
Answer explanation
Finance means loan!!
Amount Financed = Amount of Loan
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This is what you are charged in interest when taking out an installment loan
Finance Charge
Installment Price
Amount Financed
Answer explanation
This is the interest on an installment loan, it is now called finance charge, which refers to the charge applied when financing something
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. This is a type of installment loan in which there is a set number of payments to be made.
Installment Payment
Closed End Credit
Open End Credit
Answer explanation
Closed = Set # of payments
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. This is the amount of money you save from paying off an installment loan early.
Finance Charge
Interest Refund
Refund Fraction
Answer explanation
Refund = Money you get back
Interest Refund = Money you get back because you pay less interest
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. This is the type of installment loan in which there is no set number of payments to be made.
Installment Payment
Closed End Credit
Open End Credit
Answer explanation
Open = Not set # of payments
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
To find the total of installment payments I need to multiply these two things together.
Amount of Installment Payment
Down Payment
Number of Installment Payments
Amount Financed
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You buy a new car for a cash price of $38,997 and put a down payment on it of $6,200. Calculate the amount financed.
$45,197
$38,997
$32,797
Answer explanation
Amount Financed = Cash Price - Down Payment
Amount Financed = $38,997 - $6,200
Amount Financed = $32,797
Tags
CCSS.7.EE.B.3
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