Unit 8: Loans

Jaime's bank granted him a $3,500 single payment loan for 80 days at 11% ordinary interest so he could make payroll. What is the loan's maturity value?

Tags

CCSS.7.RP.A.3

Jody obtained a single-payment loan of $1,600 to buy a pedigreed dog. He agrees to repay the loan in 120 days at exact interest rate of 7.5%. What is the maturity value of her loan?

Tags

CCSS.7.RP.A.3

Katie is buying a new guitar for $635.88. She made a 15% down payment and will finance the remainder. How much was her down payment?9

Tags

CCSS.6.RP.A.3C

Martha bought symphony season tickets for $4,500 and is required to put down 25% of the cost and finance the rest. How much will Martha finance?

Tags

CCSS.6.RP.A.3C

Jesse obtained an installment loan of $3,500 to have some storm damage trees in his yard removed. The APR is 12%, and the loan is to be repaid in 30 months. What is his monthly payment?

Laura purchased a new riding lawn mower for $7,500. She agreed to make a 25% down payment and to finance the remainder with 12 monthly payments. The APR is 9%. What is the finance charge?

Tags

CCSS.7.RP.A.3

To go on an African safari, Don obtained an $8,500 installment loan at 14% for 42 months. The loan's balance after 26 payments is $3,733.55. What is the interest for payment 27?

Tags

CCSS.HSA.SSE.B.4

Isaiah obtained a $2,500 at 12.5% to buy porch furniture. The monthly payment is $118.23. What is the payment to principal and the new principal.

Find the final payment for the following.

Interest Rate: 10%

Previous Balance: $3,600

Tags

CCSS.7.RP.A.3

Find the final payment for the following.

Interest rate: 12%

Previous payment: $1,824.25

Tags

CCSS.HSF.BF.A.2