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WorksheetsUnit 5: Lessons 1 and 2 Quiz Review (Installment Loans)
Total questions: 14
Worksheet time: 16mins
Gene's bank granted him a singe-payment loan of $5,000 for 90 days at 9% ordinary interest. What is the amount of ordinary interest owned? (a)
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? (a)
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? (a)
Jo John financed $3,500 with an annual interest rate of 15% for 24 months. If his monthly payment is $169.70, how much of his payment will go towards principle?
$43.75
$101.42
$125.95
$35.00
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? (a)
Sarah is buying a new couch for $989. She made a down payment of $200 and financed the remainder. What amount did she finance? (a)
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? (a)
Rebecca purchased a new flat screen television for $767. She made a 20% down payment and financed the remainder. What amount did she finance? (a)
The formula to determine the amount finances is the cash price minus the down payment. (a)
The down payment is the final payment you make when you are done paying off your loan. (a)
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?
25%
20%
30%
27%
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?
31.5%
25.5%
$65%
$35%
You purchase a tv for $715. The electronics store is offering a 24-month installment plan to finance the tv. The store requires no down payment and can finance the tv with 24 monthly payments of 33.65.
What is the total cost after 2 year?
403.80
807.60
1118.80
92.60
Jo John financed $3,500 with an annual interest rate of 15% for 24 months. If his monthly payment is $169.70, how much of his payment will go towards principle?
$43.75
$101.42
$125.95
$35.00
