Financial Algebra Chapter 3 Review 22

Faith is taking an $8,100, 2½ - year loan an APR of 8.22%.  What is the monthly payment for this loan?

• $312.48

• $308.15

• $300.42

• $304.08

Shania bought a $1,455 drum set on the installment plan.  The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each.

How much is the down payment?

• $215.25

• $218.25

• $220.25

• $212.25

Tags

CCSS.7.EE.B.4A

Shania bought a $1,455 drum set on the installment plan.  The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each.

  What is the total amount of the monthly payment?

• $1,450

• $1,456.08

• $1,455

• $1,454.04

Shania bought a $1,455 drum set on the installment plan.  The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each.

What is the finance charge?

• $217.29

• $215.56

• $218.25

• $221.36

Tags

CCSS.7.RP.A.3

Carly took a $7,000, three – year loan with an APR of 8.5%. What is her monthly payment?

• $220.15

• $31.45

• $220.99

• $31.57

Tags

CCSS.HSF.BF.A.2

Carly took a $7,000, three – year loan with an APR of 8.5%. What is her finance charge?

• $960.08

• $957.87

• $956.12

• $955.64

Tags

CCSS.7.RP.A.3

The finance charge on Lauren’s credit card bill last month was $13.50.  Her APR is 18%.  What was her average daily balance?

• $1,000

• $900

• $950

• $1,050

Tags

CCSS.7.RP.A.3

Randy has a total credit line of $10,000.  His previous balance last month was $562.84, he made a payment of $500 and new purchases of $321.06.  Because he carried a balance he also had a finance charge of $4.32.  What is his available credit?

• $7.47

• $8.52

• $8.97

• $89.69

Tags

CCSS.7.NS.A.3

Examine the summary section of the monthly credit card statement.  Use the first five entries to determine the new balance.

• $0

• $421.36

• $9.03

• $18.00

Tags

CCSS.7.EE.B.3

Bill can afford a monthly payment of $475.  He wants to take out a $20,000 loan at 7% interest rate.  What should the length of the loan be?  Round your answer to the nearest year.

• 4 years

• 5 years

• 6 years

• 7 years