Calculating Monthly Payment

What does the following formula calculate?

I=PrT

• Compound interest

• Annual interest

• Account interest

• Simple interest

Tags

CCSS.7.RP.A.3

The amount in the account

• Balance

• Budget

• Interest

• Financial systems

Tags

CCSS.7.RP.A.3

Which method of payment should I use when making a small online purchase?

• Cash
• Credit Card
• Debit Card
• Check

What is the difference between Debit and Credit?

• Debit uses money borrowed from the bank, Credit uses the money you already have.
• Credit uses borrowed money or the bank's money, Debit uses your money.  
• They are both cards, they are the same. 
• Debit charges interest until the balance is paid. Credit does not because you are using your own own money. 

When calculating your "total repayment" (what you will pay at the end) of your personal loan, you will multiply your monthly payments by:

• years

• days

• months

• bi-annually

Tags

CCSS.8.EE.C.7B

Which is more? Gross income or net income?

• gross income

• net income

• neither, they are equal

Tags

CCSS.6.NS.C.7C

Calculate the fuel costs based on the information provided. Round to the nearest hundredths.  
329 miles driven; 20 miles per gallon; $3.71 per gallon

• $16.45
• $61.03
• $61.02
• $74.20

Tags

CCSS.7.EE.B.3

Logan wants to purchase a used car for 10,800. He put a down payment of 2,000 on it an financed the rest at an APR of 12% for 24 months. What amount will he be financing?

• $414.48

• $4.71

• $8,800

• $2,000

Tags

CCSS.7.RP.A.3

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