Loan Review

Tommy is obtaining a $3390 loan to purchase items for remodeling his workshop. His interest rate is 7.1% ordinary interest for 215 days. How much interest will Tommy owe? What is the maturity value of his loan?

• $141.78

• $1417.76

• $143.75

• $20.06

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CCSS.7.RP.A.3

Mary has a hair salon that is in need to some new equipment. She has decided to obtain a loan for $8345 with an interest rate of 4.5% exact interest for 275 days. How much interest will Mary owe? What is the maturity value of her loan?​ (a)   ​ (b)  

• $282.93
• $286.86
• $31.29
• $8627.93
• $$8631.86
• $8376.29

Tags

CCSS.7.RP.A.3

Herb and Marci obtained an installment loan that has an 8.1% APR to purchase a new vehicle for $48,599. They agree to make a 2.1% down payment and to make payments for 7 years. A. How much is the down payment on their vehicle?

(a)  

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CCSS.7.RP.A.3

B. How much will their loan be for?$

(a)  

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CCSS.8.EE.C.7B

C. How much will their monthly payment be? (a)  

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CCSS.8.EE.C.7B

D. How much is their finance charge? (a)  

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CCSS.7.RP.A.3

F. How much of their first monthly payment is going to the principal? (a)  

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CCSS.HSF-IF.C.8B

After making the 72nd payment, their balance on their loan is $8,547.63. What will be their final payment if they pay their loan off on the 73rd payment?

(a)  

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CCSS.HSF.BF.A.2

By paying off their loan with the 73rd payment, they will save (a)   in interest.

With each monthly payment on an installment loan, the percentage of your payment allocated to principal (a)   .