Consumer Credit Quizizz

This is the term for the amount of a loan, after a down payment is made.

• Installment Price

• Maturity Value

• Principal

• Installment Payment

This is the minimum amount you must pay off on your credit card statement to ensure that you will not be charged interest on your statement.

• Minimum Payment

• Last Statement Balance

• Current Balance

• APR

This amount is good to compare when looking at installment loans, it tells you the total amount in the end that you are paying for what you purchased.

• Installment Price

• Maturity Value

• Total Of Installment Payments

• Interest Refund

You are purchasing a car that has a cash price of $14,979 and make a 5% down payment. Calculate the amount of your down payment.

• $14,230.05

• 7,489.50

• $11,471.23

• $748.95

You are purchasing a camper that has a cash price of $26,995 and make a 12% down payment, calculate the principal of the loan.

• $23,755.60

• $2,375.56

• $3,239.40

• 23,755.6

While paying off your installment loan over 5 years you made payments of $381.62. Calculate the total of installment payments.

• $18,317.76

• $22,897.20

• $23,660.44

• $27,476.64

You take out an installment loan for 6 years and pay it off with 15 months remaining, find the refund fraction.

• 15/72

• 240/5256

• 6/15

• 16/73

You take out an installment loan for 4 years and pay it off with 9 months remaining, find the refund fraction.

• 9/4

• 9/48

• 10/49

• 90/2352

This is the type of installment loan in which there is no set number of payments required to pay it off.

• Open End Credit

• Closed End Credit

• Pre-Financed Installment Loan

• Monthly Installment Payment

How made a down payment of $2,000 on your atv, and then made 36 payments of $311.17 to pay it off. Calculate the installment price of your atv.

• $11,202.12

• $9,202.12

• $13,202.12

• $2,311.17