Practice Test Percent Game of Life

You have bought a house that costs $85,000. First let's find the interest on your house. 

The rate is 4.5% and your loan is for 15 years. 

Remember: 

I= PRT

• $573,750

• $57,375

• $57.38

• $5,735

Tags

CCSS.7.RP.A.3

Now, take the interest and figure out how much your house will cost in total. 

The house that you bought is 85,000. The rate is 4.5% and your loan is for 15 years. 

Remember: B = P + I

• $142, 375

• $1, 423, 750

• $42.38

• $423,750

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CCSS.7.RP.A.3

Now figure out how much your interest would be for 30 years.  

The house that you bought is 85,000. The rate is 4.5% and your loan is for 30 years. 

• $1147

• $11,475

• $114,750

• $11.48

Tags

CCSS.7.RP.A.3

Now, take the interest from the 30 year loan and figure out how much your house will cost in total. 

The house that you bought is 85,000. The rate is 4.5% and your loan is for 30 years. 

Remember: 

B=P + I

Total Cost? 

• $199,750

• $1,997,500

• $196,000

• $1,960,000

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CCSS.HSF.BF.A.2

What is the better deal?  *

15 year loan

30 year loan

• Neither

• Both

• 15 year loan

• 30 year loan

Now let's talk about your job. You get a job and make 40,000 a year. How does your mortgage effect the money you have left over? 

Use the following formulas to solve: 

1) 142,375/ 180 = monthly payment

2) monthly payment x 12 = 1 years payment

3) Your salary (40,000) - 1 years payment 

• $30,508

• $28,508

• $27,955

• $26,955

You see that you have enough money for a car so you decide to go car shopping. 

The car that you buy is $8,000. 

Find the amount of interest you would pay on your car if the rate is 5.4 and the loan is for 3 years. 

Remember: 

I= PRT

• $12,960

• $129

• $129.60

• $1,296

Tags

CCSS.7.RP.A.3

How much would the total amount be for your car? 

Car is $8,000. 

Interest is 5.4 and the loan is for 3 years. 

Remember: 

B= P + I

• $8,129

• $8,129.60

• $9,296

• $9,296.90

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CCSS.7.RP.A.3

When you are talking to the sales person you want to know how much you will pay each month for your payment. 

To figure this out, use the formula: 

$9296/ 36 months = monthly payment

• $129.22

• $128.22

• $250.22

• $258.22

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CCSS.5.NBT.B.6

CCSS.6.NS.B.2

You are curious to see how much the salesman made in commission from selling the car. You found out he makes 3.75% commission. If the car is $8,000 what would his commission be?

• $200

• $300

• $3000

• $2000

Tags

CCSS.6.RP.A.3C