Consumer Math Chapter 8 Quiz Review

What is the term for a portion of the cash price of an item you are purchasing before financing the rest?

• Amount Financed

• Maturity Value

• Final Payment

• Down Payment

What is the exact formula for calculating interest?

• Interest = Principal + Rate + Time

• Interest = Cash Price x Percent

• Interest = Principal x Rate x Time

• Interest = Cash Price - Down Payment

If I obtain a single payment loan of $3,000 for 80 days at 12% ordinary interest (meaning number of days divided by 360), what is the loan's maturity value?

If Kevin is purchasing baseball season tickets and wants to put a 30% down payment on this $2,475 purchase, how much is the down payment?

Find the finance charge on a $4,000 loan which has 18 monthly payments of $241.19.

• $341.42

• $100.23

• $4,341.42

• $241.19

Matt obtained a $24,000 loan with 7% interest to buy a new car. His monthly payment is $427.89. How much of his first monthly payment goes to paying off interest?

You have a 12 month loan of $3,500 at 11% interest with a balance of $1,216.80 after the seventh payment. What is the final payment if you pay off the loan with the eighth payment?

• $1,216.80

• $1,227.95

• $3,500

• $3,532.08

Elizabeth obtained a $2,800 loan to purchase new appliances. The finance charge is $244.48 and she will repay the loan in 18 monthly payments. What is the APR?

To find the finance charge of a loan, what formula do you use?

• Finance Charge = Amount Repaid - Amount Financed

• Finance Charge = Cash Price x Percent

• Finance Charge = Cash Price - Down Payment

• Finance Charge = Amount Repaid + Amount Financed

If Bailey bought an elliptical machine for $1,299.50, and made a 15% down payment, how much did she finance?

• $194.92

• $1,104.58

• $1,299.50

• $1,294.50