Quiz on Interests

How do you write 23% as a decimal?

• 23.0

• 2.3

• 0.23

• 0.023

Alexia is buying a Nissan Versa and takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. What is the principal?

• 4 years

• $15000

• 3%

• Nissan Versa

Tags

CCSS.7.RP.A.3

Christine takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. Is she does not make any payments, how much interest will she owe at the end of 4 years?

• $1800

• $18000

• $16800

• $33000

Tags

CCSS.7.RP.A.3

Aiydan puts $5000 into a savings account with a 3% interest rate. The interest compounds yearly. How much money will he have in his account after 8 years?

• $150

• $5300

• $6333.85

• $40786.54

Tags

CCSS.HSF-LE.A.1C

Keylaan takes out a $30000 loan for her new Ford Mustang. She will pay back the entire loan at the end of 8 years. It is a simple interest loan with an interest rate of 7.25%. How much will she have to pay at the end of 8 years?

(a)  

Tags

CCSS.7.RP.A.3

Sara takes out a $30000 loan for her new Honda Civic. She will pay back the entire loan at the end of 8 years. It is a compound interest loan with an interest rate of 7.25%. How much will she have to pay at the end of 8 years?

• $17400.00

• $30725.00

• $52516.97

• $2351982.31

If everthing else is the same, which is better for the borrower, a simple interest loan or a compound interest loan?

• Simple interest

• Compound interest

• They are the same.

_________ is when you use your property as collateral for a loan from a financial institution.

• Mortgage Loan

• Mortgage Payment

• Amortization Loan

• Amortization Payment

For most installment purchases, a ______________ is generally required. It is usually a certain percent of the purchase price.

• Down payment

• Monthly payment

• Start up payment

• Initial payment

Tags

CCSS.8.EE.C.7B

The installment payment on the loan is termed____________.

• Down payment

• Mortgages

• Amortization

• Buyer's equity