Interest on Balance Method Concepts

Interest on Balance Method Concepts

Assessment

Interactive Video

Mathematics

9th - 10th Grade

Hard

Created by

Thomas White

FREE Resource

The video tutorial covers consumer mathematics focusing on loan repayment and installment calculations. It explains the concepts of loans, installments, and two methods of interest calculation: flat interest and interest on balance. Examples are provided to illustrate each method, including calculations for total repayment and monthly installments.

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37 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main focus of consumer mathematics in this lesson?

Calculating discounts

Studying investment strategies

Understanding loan repayment and installment

Learning about taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When applying for a loan, what is the term used for the amount borrowed from the bank?

Installment

Interest

Loan

Deposit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the monthly installment typically paid back to the bank?

Annually

Monthly

Quarterly

In a lump sum

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two methods of interest calculation discussed?

Annual and monthly interest

Simple and compound interest

Flat interest and interest on balance

Fixed and variable interest

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the flat interest method, how is interest calculated?

Based on the remaining balance

On the down payment

On the original loan amount

On the monthly installment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In Example 1, what was the down payment percentage for Mr. Ali's car?

10%

20%

5%

15%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the total loan amount Mr. Ali needed after the down payment?

54,000

56,000

60,000

50,000

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