R.4 Final Exam Review

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?

**Find 15% of the cost of the drum set.

• $21.83

• $97

• $80.78

• $218.25

Tags

CCSS.6.RP.A.3C

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?

**Find the cost of 18 payments at 80.78 per payment by multiplying 18*80.78

• $969.36

• $1,454.04

• $1,535.78

• $1,455.00

Tags

CCSS.7.EE.B.3

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?

**Find the amount of her down payment (.15*1455) and add the amount she pays in payments (18*80.78)

• $1,672.29

• $1,535.78

• $1,454.04

• $1,673.25

Tags

CCSS.7.EE.B.3

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.SSE.B.4

CCSS.HSA.CED.A.1

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 the total amount of Carly's monthly payments?

**Use the formula to find her monthly payment amount, then multiply that by the number of payments she made (12*3)

• $204.03

• $2,448.36

• $7,661.50

• $7,345.08

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

Blair had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 18.6%.

2 days @ $331.98

11 days @ $1203.04

4 days @ $996.71

13 days @ $1002.76

What is the average daily balance?

**Multiply the daily balance by the number of days that was the balance (ex: 2*331.98), then add each of those and divide by the total number of days.

• $30,920.10

• $997.42

• $883.38

• $1,030.67

Tags

CCSS.7.NS.A.3

The average daily balance on Lena’s credit card bill last month was $900. Her APR is 18%. What was her finance charge?

**Divide her APR by 12 to get her monthly rate, then multiply that by her average daily balance.

• $13.50

• $16.20

• $135.00

• $50.00

Tags

CCSS.7.RP.A.3

What is the monthly periodic rate on a loan with an APR of 19.5%?

**Divide APR by 12 to get monthly rate.

• 2.34%

• 5.34%

• 6.15%

• 1.625%

Examine the summary section of the monthly credit card statement. Use the first five entries to determine the new balance.

**New Balance = Previous Balance - Payments/Credit + New Purchases + Late Fees + Finance Charge

• $18.00

• $1,694.47

• $0.00

• $1,703.50

Tags

CCSS.7.EE.B.3