WorksheetsConsumer Credit Practice Quizizz 1
Total questions: 13
Worksheet time: 8mins
This is the type of loan in which you pay back by making regular payments on.
Open End Credit
Closed End Credit
Installment
Simple Interest
A type if installment loan where there is no fixed number of payments is called
Open End Credit Loan
Closed End Credit Loan
Installment Payments
Amount Financed
Which equation would you use to calculate the amount financed?
Amount Financed = Cash Price - Down Payment
Amount Financed = Cash Price + Down Payment
Amount Financed = Installment Price - Cash Price
Amount Financed = Amount of Payments * Number of Payments
This refers to the total amount you have to pay to buy something. It includes the sum of all your installment payments + your down payment.
Maturity Value
Cash Price
Down Payment
Installment Price
To find the total of installment payments I need to multiply these two things together.
Amount of Installment Payment
Down Payment
Number of Installment Payments
Amount Financed
I would use this equation to find the Installment Price for an Installment Loan.
Installment Price = Amount Financed + Down Payment
Installment Price = Total of Installment Payments + Down Payment
Installment Price = Down Payment + Installment Payment
Installment Price = Cash Price + Down Payment
To find the finance charge (extra money you have to pay back/interest) on a an item you need to find the difference between the......
Installment Price
Down Payment
Amount Financed
Cash Price
You buy a new car for a cash price of $38,997 and put a down payment on it of $6,200. Calculate the amount financed.
Amount Financed = Cash Price - Down Payment
$45,197
$38,997
$32,797
Find the total of installment payments for a an installment loan that has 72 payments of $678.50.
24,868
$48,852
31,995
$56,402
Calculate the Installment Price on a loan that a total of installment payments of $41,372 and had a down payment of $3,875.
Installment Price = Total of Installment Payments + Down Payment
$35,863
$44,813
$37,497
$45,247
Find the finance charge on a loan an installment price of $9,450 and a cash price of $7,645.
$17,095
$1,805
$2,225
$11,437
An installment loan had a total of installment payments of $289,000 and will be paid back over 360 payments. Calculate the amount of an individual installment payment.
$714.11
$1,126.52
$802.78
$1,271.98
What is Mr. McGill's favorite food on the Thanksgiving dinner table?
Turkey
Mashed Potatoes & Gravy
Stuffing
Rolls
Cranberry Sauce
