Free Printable 4-2: Loans

1.

Determine the number of thousands in 6,100.

a)

6100

b)

610

c)

61

d)

6.1

2.

Determine the number of thousands in 125,000.

a)

125

b)

1,250

c)

12,500

d)

125,000

3.

Determine the number of thousands in 45,700.

a)

45.7

b)

457

c)

4,570

d)

45,700

4.

Determine the number of thousands in 9,830,000.

a)

983,000

b)

98,300

c)

9,830

d)

983

5.

Determine the number of thousands in 85,000.

a)

8,500

b)

850

c)

85

d)

8.5

6.

Using the table, what is the total amount of the monthly payments for a $100,000, 2-year loan with an APR of 12%?

Hint: 2 years = 24 months

a)

$79,704

b)

$112,968

c)

$70,272

d)

$63,192

7.

Using the table, what is the total amount of the monthly payments for a $200,000, 3-year loan with an APR of 11%?

Hint: 3 years = 36 months

a)

$186,120

b)

$207,288

c)

$235,728

d)

$335,592

8.

Using the table, what is the total amount of the monthly payments for a $300,000, 3.5-year loan with an APR of 10%?

Hint: 3.5 years = 42 months

a)

$566,244

b)

$406,602

c)

$356,832

d)

$319,536

9.

Using the table, what is the total amount of the monthly payments for a $400,000, 4-year loan with an APR of 9%?

Hint: 4 years = 48 months

a)

$877,056

b)

$610,560

c)

$534,528

d)

$477,888

10.

Using the table, what is the total amount of the monthly payments for a $500,000, 5-year loan with an APR of 8%?

Hint: 5 years = 60 months

a)

$608,400

b)

$732,300

c)

$821,400

d)

$940,200

11.

You bought an item and need to borrow $150,000. You plan to take a 12-year loan at an APR of 5.4%. What is the monthly payment?

$M=\frac{P\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}}{\left(1+\frac{r}{12}\right)^{12t}-1}$

a)

$6,761.94

b)

$6,761.95

c)

$1,417.62

d)

$1,417.63

12.

You bought an item and need to borrow $225,000. You plan to take a 18-year loan at an APR of 6.3%. What is the monthly payment?

$M=\frac{P\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}}{\left(1+\frac{r}{12}\right)^{12t}-1}$

a)

$1,744.05

b)

$1,744.06

c)

$1,102.11

d)

$1,102.12

13.

You bought an item and need to borrow $375,000. You plan to take a 21-year loan at an APR of 7.6%. What is the monthly payment?

$M=\frac{P\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}}{\left(1+\frac{r}{12}\right)^{12t}-1}$

a)

$1,610.47

b)

$1,610.48

c)

$2,982.65

d)

$2,982.66

14.

You bought an item and need to borrow $450,000. You plan to take a 27-year loan at an APR of 8.8%. What is the monthly payment?

$M=\frac{P\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}}{\left(1+\frac{r}{12}\right)^{12t}-1}$

a)

$3,641.30

b)

$3,641.31

c)

$1,560.92

d)

$1,560.93

15.

You bought an item and need to borrow $525,000. You plan to take a 34-year loan at an APR of 9.1%. What is the monthly payment?

$M=\frac{P\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}}{\left(1+\frac{r}{12}\right)^{12t}-1}$

a)

$4,137.43

b)

$4,137.44

c)

$4,172.57

d)

$4,172.58

4-2: Loans

Total questions: 15

Worksheet time: 8mins

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