Unit 6 Quiz 2: Loans part 1 and 2 and Installment

Amber borrowed $1140 for 10 months. His monthly payment is $42.

What is the amount of total payments?

• $420

• $11,400

• $1,182

• $1,560

Shepard borrowed $5,500 for 25 months. His monthly payment is $250.

What is the amount of total payments?

• $62,250

• $625

• $6,250

• $6.25

James borrowed $2,678 for 15 months. His monthly payment is $89.

What is the amount of total payments?

• $40,170

• $2,767

• $1,335

• $4,013

Daniel borrowed $700 for eight months, with payments of $100 per month.

What will he pay in interest?

• $5,600

• $800

• $1,500

• $100

Kam borrowed $1200 for twelve months, with payments of $150 per month.

What will she pay in interest?

• $6.00

• $600

• $6,000

• $650

Ruth borrowed $1,250 for 6 months, with payments of $150 per month.

What will he pay in interest?

• $350

• $1,400

• $7,500

• $2,150

Rachel borrowed $700 at 11% for 3 months for her textbooks. Use the table to determine how much interest she will pay.

• $231

• $2,100

• $77

• $19.25

Rachel borrowed $550 at 15% for 18 months for her textbooks. Use the table to determine how much interest she will pay.

• $123.75

• $1,485

• $82.50

• $100.50

Use the table to determine the total payment on a $1200 loan, taken out for 12 months at 13% interest.

(***Hint- calculate the interest first.)

• $1,211.00

• $1,356.00

• $156.00

• $1,872

Use the table to determine the total payment on a $1000 loan, taken out for 6 months at 11% interest.

(***Hint- calculate the interest first.)

• $660.00

• $6,000

• $1,055.00

• $1,005.50