Chapter 8 Loans

A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit

• down payment
• maturity value 
• promissory note 
• final payment 

Tags

CCSS.7.RP.A.3

______ ________ is interest on a loan calculated by basing the time of the loan on a 365-day year

• ordinary interest 
• exact interest
• maturity value 
• installment loan 

Tags

CCSS.7.RP.A.3

A(n) _______ ________ is the payment on a simple interest loan that consists of the remaining balance plus the current month's interest

• installment loan 
• down payment 
• amount financed 
• final payment

Tags

CCSS.7.RP.A.3

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

• single payment loan 
• installment loan
• maturity value 
• ordinary interest 

The _______ _______ is the total amount that must be repaid on a loan, including the principal borrowed and the interest owed

• ordinary interest 
• maturity value
• repayment schedule 
• principal 

Tags

CCSS.7.RP.A.3

_______ _______ is interest on a loan calculated by basing the time of the loan on a 360-day year

• maturity value 
• exact interest 
• ordinary interest
• promissory note 

Tags

CCSS.7.RP.A.3

What is an APR?

• The actual percentage rate.

• The annual percentage rate.

• The all purpose rate.

• The average percentage rate.

The portion of the cash price that you owe after you pay the down payment.

• Amount Financed/Principal

• Down Payment

• Installment Loan

• Interest

The amount of money that you agree to pay toward your loan each month.

• Principal

• Interest

• Final Payment

• Monthly Payment

The amount of time you have to pay back the loan.

• Single Payment Loan

• Promissory Note

• Maturity Value

• term