unit 4 exam, exam 1 quarter 2

 The mortgage loan is repaid in _________, which include interest.

• weekly installments

• monthly installments

• yearly installments

• daily installments

A couple is considering buying a new home with a selling cost of $468,000. A 20 percent down payment is required. Find down payment

• $93,600

• $374,400

• $9360

• $936

A couple wants to buy an old Victorian home with a listing price of $639,575. It’s a bit out of their price range, so they make a lower offer of $632,500. The seller agrees to the offer. The bank will finance their purchase if they make a 20% down payment. What is the amount of their mortgage loan?

. 

Omar has decided to purchase a $11,000 car. He plans on putting 20% down toward the purchase, and financing the rest at 10% interest rate for 36 months. Find his monthly payment.

(Use 8-2,8-3 formula worksheet)

answer choices

• $284.24

• $236.89

• $204.78

• $298.81

Rudy obtained a 12 month, $1500 loan at 12 percent from his credit union. His monthly payment is 133.20. For the first payment, What is the interest?

(Principal x Rate x Time)

answer choices

• $20.00

• $15.00

• $30.00

• $25.00

 

Jane obtained a single payment loan of $4200. She agreed to repay the loan in 90 days at an interest rate of 6.25 percent ordinary interest. What is the ordinary interest on her loan?

• $65.63

• $65.62

• $64.73

• $64.72

 

Sarah is buying a new couch for $989. She made a down payment of $200 and financed the remainder. What amount did she finance?

The current balance is $306.55 on your credit card. You then make a purchase of $209.54 followed by a payment of $175.00. If the finance charge is $6.75, what is your new balance?

The balance of your loan after 7 payments is $1605. you want to pay the loan off early but know the bank will want more than $1605. Why?

Find the new balance on a credit card when the periodic rate is 12%. The previous balance is $2500 payments are $200 and $50 and new purchases of $134.00.

Formulas

Unpaid balance = previous balance - payments/credits

Finance charge = periodic rate x unpaid balance

New Balance = Previous Balance + Finance Charge + New Purchases - (Payments Credits)

• $2654

• $831

• $546

• $88