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WorksheetsFA 3-4 Loan Calculations
Total questions: 10
Worksheet time: 14mins
What is the monthly payment for a 10-year, $20,000 loan at 4.625% APR? What is the total
interest paid on this loan?
$458.48; $7,896.24
$986.78; $4,569.78
$124.36; $5,127.36
$208.48; $5,017.60
Max is taking out a 5.1% loan in order to purchase a $17,000 car. The length of the loan is five
years. How much will he pay in interest?
$2295.40
$2456.32
$2278.32
$2195.36
Merissa wants to borrow $12,000 to purchase a used boat. After looking at her monthly budget,
she realizes that all she can afford to pay per month is $250. The bank is offering a 6.1% loan.
What should the length of her loan be so that she can keep within her budget? Round to the
nearest year.
3 years
8 years
5 years
6 years
What is the total interest on a 15-year, 4.98% loan with a principal of $40,000?
$12,569
$18,456
$16,862
$12,986
Ansel wants to borrow $10,000 from the Hampton County Bank. They offered him a 6-year loan
with an APR of 6.35%. How much will he pay in interest over the life of the loan?
$2,056.78
$2,189.45
$2,982.75
$2,052.08
Tom and Kathy want to borrow $35,000 in order to build an addition to their home. Their bank
will lend them the money for 12 years at an interest rate of 5 3/8 %. How much will they pay in
interest to the bank over the life of the loan?
$12,123.89
$12,302.78
$12,568.96
$12,001.23
What is the loan amount?
$87,000
$76,000
$73,000
$45,000
What is the length of the loan?
15 years
10 years
13 years
17 years
What is the monthly payment?
$6,896.32
$6,456.32
$6,860.76
$6,970.23
What is the total interest over the loan’s life?
$26,653.23
$26,213.56
$26,913.77
$26,945.32
