
Paying off Debt
Authored by Jovanta Math)
Mathematics
8th Grade
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you borrow money in the form of a loan or a credit card, you can end up paying more than the loan amount because you will pay ___ in addition to the loan amount.
rate
interest
principal
balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Johnny takes out a $35,000 loan to purchase a recreational vehicle. He qualifies for a 4.5% interest rate, and his loan term is six years with a monthly payment of $555.59. How much interest will Johnny pay?
$40,002.48
$5,002.48
$150.01
$2675.42
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Wiley borrowed $7,800.00 to help him start his lawncare business. He qualified for a 6% interest rate, and his loan has a three-year term with a monthly payment of $237.29. What will be the total amount Wiley pays for the loan?
$8,542.44
$742.44
$16,848.00
$5,298.76
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Zelda paid for a $3,000 vacation using a credit card with a 12.5% interest rate. In order to pay the card off in 12 months, Zelda has determined that she will need to make payments of $265.25. What is the amount of interest that Zelda will pay?
$397.88
$1,256.75
$3,183.00
$183.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trinity is trying to select the best loan offer to pay for a new car. The cost of the car is $24,000.00. However, Trinity is going to make a down payment of $5,000. Which option has the lowest amount of interest owed?
five-year loan at 4.5% with monthly payments of $354.22
three-year loan at 5% with monthly payments of $569.45
six-year loan at 4.8% with monthly payments of $304.23
four-year loan at 6% with monthly payments of $446.22
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when you don't have enough money to pay for the things you charged?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the best way to buy a car?
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