Loan and payment plans

Adrian is buying a car. He gets a 4 year loan at an interest rate of 7.25%. Use the table in your notes to calculate the monthly payment if the loan is for $15,000.

• 30.99

• 24.06

• 464.85

• 360.90

The person who agrees to pay back a loan if the borrower is unable to do so is called a ________.

Andrew is buying a new washing machine on an installment plan. The machine costs $655. The store requires a down payment of 20%. How much would be his down payment?

Aaron is buying a set of kitchen cabinets on the installment plan. The set he wants costs $3250. The plan requires a down payment of 15% and monthly payments of $140.45 for two years. How much will Aaron pay in total for these cabinets? Round your answer to the nearest dollar.

• $488

• $3371

• $3858

• $11712

Analiz gets a loan for $15,300 for home renovations. The bank gives her an interest rate of 4.1% on her 4 year loan. What will be her monthly payment?

• 346.15

• 652.92

• 306.14

• 52.28

Billy gets a loan for $28500. The loan has in interest rate of 3.87% for 5 years. What will be the total amount he pays back for the loan? Round your answer to the nearest dollar.

• 34015

• 31392

• 523.20

• 5514.75

_________ are everything you own that has value. Your home, car, bank accounts and all of your possessions.

Which credit score below would be considered good credit?

• 350

• 550

• 750

• 1050