Principles of Finance Chapter 8 Quiz Tarango

A loan repaid in one payment after specified amount of time

• Single Pay Loan

• Term Pay Loan

• Installment Loan

• Maturity Value Loan

A loan repaid in several equal payments over a specified amount of time

• Single Pay Loan

• Term Pay Loan

• Installment Loan

• Maturity Value Loan

The total amount of loan you must pay, principal plus interest.

• Single Term

• Term

• Installment

• Maturity Value

The portion of cash price you owe after the down payment

• Installment

• amount financed

• the amount termed

• The down payment payment

Find the ordinary interest and the maturity value?

Principal is $1200, Rate is 7%, Time is 100 days

• $8400

• $8100

• $23.33

• $23.01

Find the exact interest and the maturity value?

Principal is $2200, Rate is 11%, Time is 150 days

• $36300

• $33600

• $108.33

• $99.45

Find the amount financed when buying a fridge for $1650 with down payment of $425?

• $1325

• $1225

• $425

• $1650

John purchased a Stove for $1380 with a down payment of 15%. How much was financed?

• $1587

• $1173

• $207

• $1380

Johnna got an installment loan of $4000 for furniture. Her APR is 9%. She must repay in 12 months. What is the monthly payment? (monthly payment per $100 loan is 8.75)

• $200

• $450

• $350

• $300

Johnna got an installment loan of $4000 for furniture. Her APR is 9%. She must repay in 12 months. What is the total amount paid? (monthly payment per $100 loan is 8.75)

• $4200

• $4450

• $4350

• $4300