WorksheetsCar Payments Make Up
Total questions: 10
Worksheet time: 2hrs 4mins
Name
Class
Date
1.
Purchasing a car on a loan through the bank or dealership is called:
a)
franchising
b)
financing
c)
amortizing
d)
loaning
2.
Francisco's bank offers car financing for 3, 4, or 5 years. If Francisco chooses 3-year financing, how many monthly payments will she have?
a)
60
b)
48
c)
36
d)
12
3.
In the monthly payment formula, what value would you put for r if the interest rate is 4.8%?
a)
.004
b)
4.8
c)
.48
d)
.0048
4.
What would the monthly payment be on a purchase of a $11,000 car at 7.9% for 3 years?
a)
$316.44
b)
$334.39
c)
$344.19
d)
$312.50
5.
What would happen to a monthly payment if the interest rate decreased?
a)
The payment would go up.
b)
The payment would go down.
c)
The payment would remain the same.
d)
None of the above.
6.
Which of the following has no effect on the monthly payment?
a)
Interest Rate
b)
Vehicles Color
c)
Numbers of months the car is expected to be financed
d)
Down Payment
7.
Tiffany has decided to purchase an $11,000 car. She pans on putting $500 down toward the purchase, and financing the rest at 5.8% interest rate for 4 years. Find her monthly payment.
a)
$245.63
b)
$436.89
c)
$204.78
d)
$248.81
8.
An increase in which of the following will decrease the monthly payment?
a)
Interest rate
b)
Number of months financed
c)
Principal
d)
None of the Above
9.
Adan has decided to purchase a $9,000 car. He plans on putting 20% down toward the purchase, and financing the rest at 7.9% interest rate for 3 years. Find his monthly payment.
a)
$225.29
b)
$236.89
c)
$204.78
d)
$298.81
10.
If you put down 20% on a $9000 car and pay monthly payments of $201.50 for 60 months, what is the total price of the car?
a)
$13,781.27
b)
$13,456.25
c)
$13,890.00
d)
$13,964.00
100 %
