wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Chapter 8 Quiz

Total questions: 25

Worksheet time: 43mins

Name
Class
Date
1.
The _______ is the portion of the cash price that is owed on an item after making the down payment. 
a)
down payment 
b)
amount financed 
c)
final payment 
d)
installment loan
2.
The _____ _____ ______ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent
a)
repayment schedule 
b)
single payment loan 
c)
annual percentage rate
d)
term 
3.
A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit
a)
down payment
b)
maturity value 
c)
promissory note 
d)
final payment 
4.
______ ________ is interest on a loan calculated by basing the time of the loan on a 365-day year
a)
ordinary interest 
b)
exact interest
c)
maturity value 
d)
installment loan 
5.
A(n) _______ ________ is the payment on a simple interest loan that consists of the remaining balance plus the current month's interest
a)
installment loan 
b)
down payment 
c)
amount financed 
d)
final payment
6.
A(n) ______ _______ is a loan repaid in equal payments over a specified period of time
a)
single payment loan 
b)
installment loan
c)
maturity value 
d)
ordinary interest 
7.
_______ _______ is interest on a loan calculated by basing the time of the loan on a 360-day year
a)
maturity value 
b)
exact interest 
c)
ordinary interest
d)
promissory note 
8.
A(n) ______ _______ is a written promise to pay a certain sum of money on a certain date in the future
a)
maturity value 
b)
 promissory note
c)
repayment schedule 
d)
installment loan 
9.
A(n) ______ _______ ______ is a loan that has to be repaid with one payment after a specified period of time
a)
exact interest 
b)
installment loan 
c)
annual percentage rate 
d)
single payment loan
10.
The _________ ________  is a schedule showing the distribution of interest and principal payments on a loan over the life of the loan
a)
repayment schedule
b)
promissory note 
c)
single payment loan 
d)
installment loan 
11.

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?

a)

$112.50

b)

$150.00

c)

$132.50

d)

$156.20

12.

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

a)

$766

b)

$789

c)

$799

d)

$877

13.

Rebecca purchased a new flat screen television for $767. She made a 20% down payment and financed the remainder. What amount did she finance?

a)

$613.60

b)

$617.50

c)

$665.00

d)

$767

14.

Using this table above, Corey obtained an installment loan of $1,000. The annual percentage rate is 8%. He must repay the loan in 18 months. What is the fiance charge?

a)

$59.10

b)

$63.80

c)

$75.10

d)

$78.20

15.

Using the table, Tulio purchased a treadmill with an installment loan that has an APR of 12%. The treadmill sells for $1,672. The store financing requires a 10% down payment and 12 monthly payments. What is the finance charge?

a)

$89.00

b)

$92.50

c)

$98.76

d)

$99.50

16.

Use the Calculator to solve the following problem.

I want an installment loan of $8,000 to remodel my house. What would be the better deal to agree to and how much would I save?

Choice A: 36 months at 12% APR

Choice B: 48 months at 10% APR

a)

A; 265.71

b)

B; 202.90

c)

A; 173.64

d)

B; 62.81

17.

Use the Calculator to solve the following problem.

I want an installment loan of $48,000 to buy a car. I make a down payment of $9,000. What would be the better deal to agree to and how much would I save?

Choice A: 72 months at 7% APR

Choice B: 48 months at 10% APR

a)

A; 324.23

b)

B; 394.8

c)

A; 664.91

d)

B; 989.14

18.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
19.

Emilio borrows $1,200 from a bank with 8.0% simple interest per year. How much will he have to pay back total in 2 years?

a)

$150

b)

$192

c)

$1,350

d)

$1,392

20.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
21.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
22.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
23.
What does the "I" in the interest formula stand for?
a)
Important
b)
Interest
c)
Internet
d)
Igloo
24.

Calculate the interest. I = PRT,

Principal = $10,000.00

Rate = 7.0%,

Time = 20 years

a)

1400

b)

1000

c)

14000

d)

14

25.
The _______ is the amount of time for which a loan is granted before it has to be repaid
a)
term
b)
principal 
c)
amount financed 
d)
final payment 

Similar Resources on Wayground

Kitchen equipment

20 questions

Kitchen equipment

quiz

Worksheet

•

1st - 10th Grade

Chytáky v češtině

20 questions

Chytáky v češtině

quiz

Worksheet

•

8th - 9th Grade

Artificial Intelligence and SketchUp

20 questions

Artificial Intelligence and SketchUp

quiz

Worksheet

•

8th - 10th Grade

Sewing Tools

20 questions

Sewing Tools

quiz

Worksheet

•

10th Grade

Infancy

20 questions

Infancy

quiz

Worksheet

•

11th Grade

Buah Segar kelas 7

20 questions

Buah Segar kelas 7

quiz

Worksheet

•

11th Grade

Matar a un Ruiseñor

20 questions

Matar a un Ruiseñor

quiz

Worksheet

•

1st - 12th Grade

[CBTC28] - QUẢN LÝ TÀI CHÍNH & ĐIỀU HÀNH CUỘC HỌP

20 questions

[CBTC28] - QUẢN LÝ TÀI CHÍNH & ĐIỀU HÀNH CUỘC HỌP

quiz

Worksheet

•

KG - Professional Dev...