
Chapter 8 Review
Authored by Aaron Stowell
Mathematics, Business
9th - 12th Grade
Used 1+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A simple interest loan has a term of 1 year. How many payments does the bank expect you to make?
12
1
6
24
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You take out a 2 year installment loan. How many payments are you expected to make?
12
1
24
48
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
You are paying off a 5 year installment loan. For the first two years, you make the minimum monthly payment. After two years you make a final payment to close the loan 3 years early. Which of the following best describes this situation.
You have payed off the loan with the minimum finance charge possible.
You have payed off the loan, and saved some money on the finance charge.
You have payed off the loan, but have also payed the maximum finance charge possible.
You still have payments left to make.
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Jim needs to borrow money to purchase a new computer. He takes out a $700 loan for 200 days at 9.5% ordinary interest. What is the interest owed?
$736.94
$36.94
$36.44
$736.44
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Jim needs to borrow money to purchase a new computer. He takes out a $700 loan for 200 days at 9.5% exact interest. What is the maturity value?
$736.94
$36.94
$36.44
$736.44
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Sally needs to borrow money to purchase a car. She takes out a $5300 loan for 400 days at 8.7% exact interest. What is the maturity value of her loan?
$505.32
$512.33
$5812.33
$5805.32
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following options is 'cheaper' for the customer. Ordinary, or Exact interest? (hint: calculate the maturity value of a $1000 loan at 5% interest under both conditions and compare)
A loan with Ordinary interest is cheaper.
A loan with Exact interest is cheaper.
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