Mathematics
11th - 12th Grade
CCSS covered
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This quiz focuses on personal finance mathematics, specifically loan calculations and payment analysis. The content is appropriate for grades 11-12, targeting students who need to understand real-world financial decision-making through mathematical modeling. The core concepts students must master include calculating monthly loan payments using the loan payment formula, understanding the relationship between loan terms (principal, interest rate, and time period), and analyzing how changes in these variables affect both monthly payments and total finance charges. Students need strong algebraic skills to manipulate the loan payment formula, proportional reasoning to understand percentage-based calculations like APR and collateral ratios, and comparative analysis skills to evaluate different loan scenarios. The problems require students to work with multi-step calculations involving compound interest concepts and to synthesize quantitative results into informed financial recommendations. Created by Brandon Higdon, a Mathematics teacher in the US who teaches grades 11-12. This quiz serves as an excellent tool for formative assessment during a personal finance unit, allowing students to practice essential loan calculation skills through realistic scenarios involving car purchases, personal loans, and credit union comparisons. The problems can be effectively used for guided practice during instruction, homework assignments to reinforce computational skills, or review sessions before summative assessments. The quiz's structure, moving from basic calculations to comparative analysis and culminating in justification questions, supports progressive skill development from procedural fluency to critical thinking about financial decisions. This assessment aligns with standards A-SSE.3 (choosing and producing equivalent forms of expressions to solve problems) and A-CED.3 (representing constraints by equations and interpreting solutions as viable options in a modeling context), as students must manipulate loan formulas and interpret their results within realistic financial contexts.
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11 questions
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1.
OPEN ENDED QUESTION
3 mins • 5 pts
Which variable has the greatest effect on the monthly payment of a purchase?
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Tags
CCSS.8.EE.C.7B
2.
FILL IN THE BLANK QUESTION
2 mins • 5 pts
Cecilia bought a new car. The total amount she needs to borrow is $29,541. She plans to take out a four-year loan at an APR of 6.3%. What is the monthly payment?
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.B.3
CCSS.HSA.REI.A.1
3.
MULTIPLE SELECT QUESTION
2 mins • 5 pts
Claire needs to borrow $12,000 from a local bank. She compares the monthly payments for a 5.1% loan for three different periods of time. What is the monthly payment for a one-year loan? A two-year loan? A five-year loan?
$526.99
$1,027.84
$227
$1,200
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.B.3
CCSS.HSA.SSE.A.1
CCSS.HSA.REI.A.1
4.
FILL IN THE BLANK QUESTION
2 mins • 5 pts
The Star Pawnshop will lend up to 45% of the value of a borrower’s collateral. Ryan wants to use $4,000 worth of jewelry as collateral for a loan. What is the maximum amount that he could borrow from Star?
Tags
CCSS.6.EE.B.6
5.
FILL IN THE BLANK QUESTION
2 mins • 5 pts
This scenario will be used for the next 4 questions. Jeanne has a $14,800, 3.5 -year loan with a high APR of 8.56% due to her less-than-average credit rating. What is the monthly payment for this loan?
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.B.3
CCSS.HSA.SSE.A.1
CCSS.HSN.Q.A.1
CCSS.HSF.BF.A.1
CCSS.HSA.REI.A.2
6.
FILL IN THE BLANK QUESTION
2 mins • 5 pts
Jeanne has a $14,800, 3.5 -year loan with a high APR of 8.56% due to her less-than-average credit rating. If she changes the loan to a three-year loan, what is the monthly payment?
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.B.3
CCSS.HSN.Q.A.1
CCSS.HSF.BF.A.1
CCSS.HSA.REI.A.2
7.
FILL IN THE BLANK QUESTION
2 mins • 5 pts
Jeanne has a $14,800, 3.5 -year loan with a high APR of 8.56% due to her less-than-average credit rating. What is the difference in the monthly payments for the two loans?
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.B.3
CCSS.HSA.CED.A.4
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