Loans: Single Payment & Installment

The _______ is the portion of the cash price that is owed on an item after making the down payment. 

• down payment 
• amount financed 
• final payment 
• installment loan

A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit

• down payment
• maturity value 
• promissory note 
• final payment 

______ ________ is interest on a loan calculated by basing the time of the loan on a 365-day year

• ordinary interest 
• exact interest
• maturity value 
• installment loan 

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

• single payment loan 
• installment loan
• maturity value 
• ordinary interest 

_______ _______ is interest on a loan calculated by basing the time of the loan on a 360-day year

• maturity value 
• exact interest 
• ordinary interest
• promissory note 

Gene's bank granted him a singe-payment loan of $5,000 for 90 days at 9% ordinary interest. What is the amount of ordinary interest owned?

• $112.50

• $150.00

• $132.50

• $156.20

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

Scott's bank granted him a single-payment loan of $3,250 to repair bill. HE agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan?

• $3,211.09

• $3,282.43

• $3300.90

• $3,554.66

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSN.Q.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.2

The _______ _______ is the total amount that must be repaid on a loan, including the principal borrowed and the interest owed

• ordinary interest 
• maturity value
• repayment schedule 
• principal 

Sarah is buying a new couch for $989. She made a down payment of $200 and financed the remainder. What amount did she finance?

• $766

• $789

• $799

• $877

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

Gibson purchased computer equipment for $4,020. He used the store's credit plan. He made a 20% down payment. What amount did he finance?

• $3,216

• $804

• $4,000

• $4,824

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.CED.A.2

CCSS.HSA.REI.A.1