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WorksheetsAMDM Formative Review
Total questions: 8
Worksheet time: 16mins
Mary spent freely on a credit card in college. She accumulated $25,000 in credit card debt. Her interest rate is 15.4%. If she wants to pay it off in 10 years how much should she pay each month?
2679.83
209.95
409.48
2501.76
John has decided to go to a private college. He estimates that he will have to take out about $70,000 in student loans to complete his degree. If he wants to pay off his student loans in 4 years, what will his monthly payment need to be if the interest rate is 6.5%
1660.05
1477.77
1280.88
1439.85
Suzy wants to buy a car. She can afford $450 per month in car payments for the next 4 years. What is the most she can pay for a car assuming she has no down payment and can get an interest rate of 3.5%
$21,446
$1787
$10,060
$20,129
Alice purchased a car for $22,000. She has good credit and was able to get an interest rate of 0.85% for her 5 year loan. What is her payment going to be?
374.64
451.36
466.33
351.36
Alice purchased a car for $22,000. She has good credit and was able to get an interest rate of 0.85% for her 5 year loan. What total amount will she pay over the life of the loan?
27,979.80
22,478.40
27,081.60
21,081.60
Jake wants to buy a car that costs $22,750. The dealership will finance the car for five years at 4.95% with a 15% down payment. How much will his down payment be?
3412.50
428.80
11,261.25
341.25
Jake wants to buy a car that costs $22,750. The dealership will finance the car for five years at 4.95% with a 15% down payment. How much will his monthly payment be?
64.31
428.80
364.48
444.89
Jake wants to buy a car that costs $22,750. The dealership will finance the car for five years at 4.95% with a 15% down payment. How much will he pay in interest over the live of the loan?
3412.50
19,337.50
21,868.80
2531.30
