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8.4 Exit Quiz

Authored by Patrick Schodt

Mathematics

11th - 12th Grade

CCSS covered

Used 6+ times

8.4 Exit Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The formula for Interest is....

principal x time x rate

Monthly Payment - Interest

Previous balance - Payment to principal

Tags

CCSS.8.EE.C.7B

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True

False

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