Chapter 8A Review

Elise received a loan from her bank in the sum of $3,900 for a period of 1 year. The annual interest rate for the loan is 5.95%. The full amount of the principal and interest are due at the end of one year. Determing the amount that Elise will owe at the end of the year including interest and principal.

• $40,900

• $38,768

• $4,132.05

• $3,232.05

Kristal borrowed $5,300 using the ordinary interest method. She agreeed to pay an annual interest rate of 6.1%. She will repay the loan in 8 months. Calculate the total amount Kristal will pay including the interest and principal.

• $5,400.98

• $5,515.53

• $5,768.90

• $5,660.76

Demarcus borrowed $45,500 using the exact interest method. He agreed to pay the annual intetest rate of 6.25%. He will repay the loan in 85 days. Calculate the total Demarcus will repay including interest and principal.

• $46,154.97

• $47,189.35

• $45,987.89

• $46,987.23

On January 23rd, Erik borrowed $7,600 from his bank. The annual percentage rate was 5%. He repaid the loan with one payment on May 12th. Calculate the amount total amount Erik repayed including interest and principal.

• $7,790.89

• $7,909.09

• $7,689.98

• $7,713.48

Chiam borrowed $6300 for a one year term loan. She paid a total of $409.50 in annual interest. What was Chaim's interest rate?

• 6.5%

• 5.9%

• 6.2%

• 6.9%

The Barkers want to purchase a new car for $65,900. The bank requires a down payment of 15%. How much will the Barkers need to provide for a down payment?

• $9789

• $8895

• $9885

• $8990

The Barkers want to purchase a new car for $65,900. The bank requires a down payment of 15%. How much will the Barkers need to finance after providing a down payment?

• $55,900

• $56,015

• $65,900

• $66,897

Tristan has a $35,500 loan with a 5.5% annual intetest rate. The bank has set her monthly payment to be $480. How much of the monthly payment will go toward the INTEREST the first month of the loan?

• $210,89

• $162.71

• $150,98

• $168.97

Tristan has a $35,500 loan with a 5.5% annual intetest rate. The bank has set her monthly payment to be $480. How much of the monthly payment will go toward the PRINCIPAL the first month of the loan?

• $315.23

• $322.56

• $310.98

• $317.29

LaNece has a truck loan. She originally borrowed $19,900 at an annual interest rate of 6%. With 9 remaining payments, her principal balance is $5,894. She wants to pay the balance of the loan. Calculate an estimate of LaNece's early payoff.

• $5998.78

• $5785.45

• $5923.47

• $5398.67