Consumer Credit Ch. 3 Review

1. Monique purchases a $5,100 dining room set. She can’t afford to pay cash, so she uses the installment plan, which requires an 18% down payment. How much is the down payment?

• $91.80

• $918

• $510

• $51

Tags

CCSS.6.RP.A.3C

2. Depot Headquarters has a new promotional payment plan. All purchases can be paid off on the installment plan with no interest, as long as the total is paid in full within twelve months. There is a $25 minimum monthly payment required. If the Koslow family buys a hot tub for $4,355, and they make only the minimum payment for 11 months, how much will they have to pay in the 12th month?

• $275

• $1,093.75

• $4,080

• $3,455

Tags

CCSS.HSF.BF.A.2

3. Joe wants to purchase an electric keyboard. The price of the keyboard at Macelli’s, with tax, is $2,344. He can save $150 per month. How long will it take him to save for the keyboard?

• 14 months

• 15 months

• 16 months

• 17 months

Tags

CCSS.6.EE.B.7

4. Lisa purchases a professional racing bicycle that sells for $3,000, including tax. It requires a $200 down payment. The remainder, plus a finance charge, is paid back monthly over the next 2 1/2 years. The monthly payment is $111.75. How many months is she making payments?

• 25

• 2 1/2

• 24

• 30

5. Lisa purchases a professional racing bicycle that sells for $3,000, including tax. It requires a $200 down payment. The remainder, plus a finance charge, is paid back monthly over the next 2 1/2 years. The monthly payment is $111.75. What is the monthly total?

• $6,000

• $3,200

• $3,352.50

• $3,552.50

Tags

CCSS.8.EE.C.7B

6. Lisa purchases a professional racing bicycle that sells for $3,000, including tax. It requires a $200 down payment. The remainder, plus a finance charge, is paid back monthly over the next 2 1/2 years. The monthly payment is $111.75. How much did she pay total?

• $3,552.50

• $3,200

• $552.50

• $6,000

6. Lisa purchases a professional racing bicycle that sells for $3,000, including tax. It requires a $200 down payment. The remainder, plus a finance charge, is paid back monthly over the next 2 1/2 years. The monthly payment is $111.75. What was her finance charge?

• $3,552.50

• $3,200

• $552.50

• $6,000

Tags

CCSS.7.EE.B.3

The Hut sells a $2,445 entertainment system credenza on a six-month layaway plan. If the monthly payment is $440. What is the fee charged for the layaway plan?

• $195

• $2,640

• $220

• $1,245

Tags

CCSS.7.EE.B.3

Mr. Reis had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge.

six days @ $341.22 ten days @ $987.45 three days @ $2,122.33 eleven days @ $2,310.10. What is the average daily balance?

• $43,699.91

• $1,456,66

• $10,924.98

• $1440.28

Tags

CCSS.6.NS.B.3

Mrs. Cykman’s credit card was stolen, and she did not realize it for several days. The thief charged a $440 watch while using it. According to the Truth-in-Lending Act, at most how much of this is Mrs. Cykman responsible for paying?

• $50

• $0

• $440

• $500

Tags

CCSS.7.RP.A.3