CF Ch 8 Quizizz

APR stands for...

• Allowable Percentage Rate

• Approximate Payoff Rate

• Approximate Percentage Rate

• Annual Percentage Rate

An installment loan is repaid...

• at the end when it has matured

• in several equal payments over a specified period of time

• in one payment at any time you want

• in exactly 12 payments

When you pay off a simple interest installment loan before the end of the term, which of the following statements is true?

• You pay less interest because you are paying the loan off early

• You have only one more payment to make

• You can open a free checking account

• You defaulted on your loan for not following the original agreement.

Exact interest is calculated on what time frame?

• a 360 day year

• the number of months in a year

• a 365 day year

• a 366 day year

Ordinary interest is calculated on what time frame?

• a 360 day year

• the number of months in a year

• a 366 day year

• a 365 day year

The total repayment amount of a loan is also called...

• ordinary interest

• simple interest

• a promissory note

• the maturity value

When you use the formula principal x rate x time, you are calculating...

• the maturity value

• the APR

• the interest

• the term

When you use the formula: the cash price minus the down payment, you are calculating...

• the amount financed

• the simple interest

• the exact interest

• the maturity value

The total amount of a loan that you pay back is also called the...

• Simple Interest

• Principal

• Maturity Value

• APR

Which of the following statements best describes the term of a loan?

• The amount you repay on the loan

• The length of time for which a loan is granted

• The finance charge on a loan

• 360 days