8.4 Exit Quiz

You take out a loan of $8,000 at 12 percent for 24 months. The monthly payment is $376.80. The balance of the loan after 15 payments is $3,222.44. What is the interest for the first payment?

• $32.22

• $80.00

• $3222.44

• $47.38

Tags

CCSS.HSA.SSE.B.4

You take out a loan of $8,000 at 12 percent for 24 months. The monthly payment is $376.80. The balance of the loan after 15 payments is $3,222.44. What is the interest for the 16th payment?

• $32.22

• $80.00

• $32.44

• $47.38

Principal: $1504.92

Rate: 8%

Time: 1 payment (so time is always 1/12)

Find the interest

• $10.03

• $297.05

• $1,207.87

• $307.08

Tags

CCSS.7.RP.A.3

The formula for Payment to principal is....

• principal x time x rate

• Monthly Payment - Interest

• Previous balance - Payment to principal

Tags

CCSS.8.EE.C.7B

The formula for Interest is....

• principal x time x rate

• Monthly Payment - Interest

• Previous balance - Payment to principal

Tags

CCSS.8.EE.C.7B

The formula for New Principal is....

• principal x time x rate

• Monthly Payment - Interest

• Previous balance - Payment to principal

Tags

CCSS.HSF.BF.A.2

The down payment is the final payment you make when you are done paying off your loan.

• True

• False

An installment loan is

• A loan you install

• A loan you repay in several equal payments

• a portion of the cash price

• portion of the cash price that you owe AFTER making the down payment.

Tags

CCSS.7.RP.A.3

Maturity Value

• 18 years old

• the total amount you must repay

• you repay with one payment after a specified period of time.

• a type of single-payment loan

Promissory note

• 18 years old

• the total amount you must repay

• you repay with one payment after a specified period of time.

• a type of single-payment loan

Tags

CCSS.8.EE.C.7B