Calculations Involving Loans & Credits

Ernesto takes a $76000, 15-year loan from his bank in 2005. The quadratic equation that approximates the year/loan balance is  

y=-106.54x²-3,441.10x+75,801.95

where x is the number of years and y is the loan balance. In what year will the loan balance be $30,855.35?

• 2013

• 2010

• 2015

• 2018

Fomonyuy borrowed $30,000 for a car for 5 years at an APR of 4.50%. What will his monthly payment be? Leave answer to the nearest cent.

(a)  

• 20

• 24

• 25

• 27

Jaris had a credit Card with a credit line of $4000. She made the following purchases: $425.36, $358.33, $377.11 & $90.20. What would be her available credit?

(a)  

Tags

CCSS.6.NS.B.3

White bought a $1,600 phone on an installment plan. She made a $300 down payment, and she has to make monthly payments of $69.50 for the next two and a half years. How much interest(finance charge) will she pay?

• $485

• $368

• $1,202

• $785

Tags

CCSS.7.RP.A.3

Jamari carries a balance on his credit card each month. On the first day of the new 30-day billing cycle, his balance is m and the APR is 36%. Jamari buys a gift for his Mom that costs $1350 and he does that with his credit card. This is his only purchase for the month made on the first day of the billing cycle.

a) If his finance charge is $62 at the end of the billing cycle, write and solve an equation to determine the current balance m.

b) Suppose he made the gift purchase on the last day of the billing cycle, how much would he save?

Tags

CCSS.7.EE.B.4A