Loans & Interest Rates
Authored by Tim Forward
Mathematics
8th Grade
CCSS covered
Used 1+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Angelina has to take out a loan for $18,000. Which option will allow her to pay the least amount of interest?
A 7-year loan at 5.9% simple interest.
A 6-year loan at 5.75% simple interest.
A 5-year loan at 6% simple interest.
An 8-year loan at 6.2% simple interest.
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
John is getting a $12,000 loan on a boat. His monthly payments are $370.53 at 7% interest. He wants to pay it off in 3 years. How much will he pay in total for the loan for the boat?
$14,593.84
$4,446.36
$13,339.08
$1,339.08
3.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
John is getting a $12,000 loan on a boat. His monthly payments are $370.53 at 7% interest. He wants to pay it off in 3 years. How much interest will he have to pay on this loan?
$840
$4,446.36
$13,339.08
$1,339.08
4.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Tyler wants to buy a 2023 Denali for $56,800. He gets a loan at 5.5% interest and will pay it off in 6 years. His monthly payments are $927.99. How much interest will be paid on this loan?
$11,135.88
$66,815.28
$10,015.28
$3,124.00
Tags
CCSS.8.EE.C.7B
5.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Bailey wants to attend Alabama University. She gets a loan for $30,000 at 4.75% for 5 years. Her monthly loan payments are $562.71. How much does Bailey pay in total for this loan after 5 years?
$38,928.56
$6,752.52
$3,3762.60
$33,762.60
6.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
A loan was taken out for an amount of $5,000. Which loan option will result in the least amount of interest paid on the loan?
interest rate of 8% for 6 years
interest rate of 7.5% for 5 years
interest rate of 8.95% for 7 years
interest rate of 9.3% for 8 years
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Christopher buys a house for $225,000 for 6.3% interest for 30 years. His monthly payments are $1,392.69. How much will pay in total for this loan?
$501,368.40
$276,368.40
$41,780.70
$14,175.00
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