Scott's bank granted him a single-payment loan of $3,250 to repair bill. HE agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan?

Jessie obtained a single-payment loan of $3,225 to pay a repair bill. He agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of his loan?

Vanessa borrowed $21,000 for new lawn care equipment for her design business. The bank granted her a single-payment loan of $21,000 for 144 days at an ordinary interest rate of 9%. What is the maturity value of his loan?

Suppose your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for 90 days. What principal borrowed will result in a $48 interest charge?

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

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

Gibson purchased computer equipment for $4,020. He used the store's credit plan. He made a 20% down payment. What amount did he finance?

Casey wants to purchase a car costing $14,590. He will finance the car with an installment loan from the bank but would like to finance no more that $10,000. What percent of the total cost of the car should his down payment be?

The Martin's want to remodel their kitchen. They would like to finance part of the cost but do not want the amount financed to be more that $9,000. The total cost of remodeling the kitchen is $12,000. What percent of the total cost should their down payment be?

The down payment is the final payment you make when you are done paying off your loan.

The formula to determine the amount finances is the cash price minus the down payment.