Financial Algebra CONSUMER CREDIT

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. How much is Shania's down payment?

• $21.83

• $97

• $80.78

• $218.25

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. What is the total amount of Shania's monthly payments?

• $969.36

• $1,454.04

• $1,535.78

• $1,455.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. How much will Shania pay for the drum set on the installment plan?

• $1,672.29

• $1,535.78

• $1,454.04

• $1,673.25

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Sal took out a 20-day payday loan from the Just Loans store. He borrowed $350 and is being charged $75 interest. What is the APR for this loan?

• 391%

• 467%

• 1.17%

• 479%

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Carly took a $7,000, 3-year loan with an APR of 3.15%. What is Carly's monthly payment?

• $302.94

• $18.73

• $204.03

• $17.37

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.4

Carly took a $7,000, 3-year loan with an APR of 3.15%. What is the total amount of Carly's monthly payments?

• $204.03

• $2,448.36

• $7,661.50

• $7,345.08

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.4

Sarah is taking out a $24,400, 4-year new-car loan with an APR of 2.88%. The first step to finding the finance charge for this loan is ...

• ...calculate the monthly payment.

• ...Use I=Prt to calculate the interest for the loan.

• ...determine the resale value of the car.

• ...calculate the monthly interest rate.

Tags

CCSS.HSA.SSE.B.4

Rodrigo is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $5,300 at 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this non-payment period, interest will accrue at 4.29%. How much interest will Rodrigo accrue during the 4.5-year non-payment period?

• $10,231.65

• $0

• $1,023.17

• $909.48

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

Rodrigo is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $5,300 at 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this non-payment period, interest will accrue at 4.29%. If Rodrigo decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period. What will the new principal be when he begins making loan payments.

• $15,531.65

• $6,209.48

• $7,573.70

• $6,323.17

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

Rodrigo is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $5,300 at 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this non-payment period, interest will accrue at 4.29%. Suppose Rodrigo only paid the interest during his 4 years in school and the 6-month grace period. What will he now pay in interest over the term of his loan?

• $5,527.37

• $2,249.97

• $3,296.87

• $22,737.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1