Loans and Interest

What three "ingredients" does every loan contract have?

(a)  

Match each loan to its descriptor

• High variety of loans for businesses

• Payday Loan

• Predatory short-term with high rates

• Student Loan

• Long term (15+ years) called a mortgage

• Home Loan

• High variety of loans for non-businesses

• Personal Loan

• Typically 10-year term to pay for school

• Small Business Loan

Click on the part of the equation that changes if only the LENGTH of the loan term changes.

If a loan is compounded​ (a)   then n will equal 12. If a loan is compounded daily then n will equal ​ (b)  

• monthly
• 365
• 1
• 360
• weekly
• yearly

Mr. B is opening a tutoring business and needs to take out a $12,000 loan. If he plans to make no payments over the next 40 months, what will be the total amount he owes at that point given the fixed rate of the loan is 5.5% compounded daily? (Round to the nearest dollar)

Mathematical Equivalence

ON

Which of the following is true about the data?

• The range of the data is 20 to 36

• The Interquartile range of the data is 24 to 34

• The median of the data is 31

• The median of the data is 29

Order the five number summary from least to greatest

• Q1

• Minimum

• Median

• Q3

• Maximum

Given the below data, find Q3.

17, 6, 29. 5, 14, 18, 22, 30

Mathematical Equivalence

ON