Loan Monthly Payments

Brenda's bank offers car financing for 3, 4, or 5 years.  If Brenda chooses 5-year financing, how many monthly payments will she have?

• 60
• 48
• 36
• 12

Tags

CCSS.8.EE.C.7B

What would happen to a monthly payment if the interest rate increased?

• The payment would go up.
• The payment would go down.
• The payment would remain the same.
• None of the above.

Maria is planning to attend a university after she graduates high school in four years.  She is devising a plan to save money each month to help with expenses.  The cost for one year is $16,000 but her parents promised to pay $10,000 per year. How much should she save up to pay for her first year of tuition?

• Save $125 per month for 4 years
• Save $333.33 per month for 4 years
• Save $458.33 per month for 4 years
• Save $208.33 per month for 4 years

Kelly wants to take out a loan for $4,000 at an APR of 10% for 18 months. What number in the table corresponds with this problem?

• 5.96

• 4.61

• 8.79

• 6.01

Shannon wants to take out a loan of $1,200 at an APR of 16% for 54 months. What number in the table corresponds with this problem?

• 2.56

• 2.61

• 2.66

• 2.38

Nichole wants to buy a Dodge Charger that costs $29,500. She will make a $6,000 down payment and borrow the remaining with a 72-month loan that has an annual interest rate of 4.8%. Determine Nichole’s monthly car payment to the nearest dollar amount.

• $6,000

• $407
• $319

• $72

• $250.27

• $250.37

• $250.47

• $250.57

Tags

CCSS.8.EE.C.7B

• 68

• 69

• 70

• 71

• 72

• $529

• $530

• $531

• $532

Rachel is taking out a $10,000 loan for 5 years with an APR of 7.25%. What will be her monthly payment?