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Consumer Credit Quizizz

Total questions: 11

Worksheet time: 2mins

Name
Class
Date
1.

This is the term for the amount of a loan, after a down payment is made.

a)

Installment Price

b)

Maturity Value

c)

Principal

d)

Installment Payment

2.

This is the minimum amount you must pay off on your credit card statement to ensure that you will not be charged interest on your statement.

a)

Minimum Payment

b)

Last Statement Balance

c)

Current Balance

d)

APR

3.

This amount is good to compare when looking at installment loans, it tells you the total amount in the end that you are paying for what you purchased.

a)

Installment Price

b)

Maturity Value

c)

Total Of Installment Payments

d)

Interest Refund

4.

You are purchasing a car that has a cash price of $14,979 and make a 5% down payment. Calculate the amount of your down payment.

a)

$14,230.05

b)

7,489.50

c)

$11,471.23

d)

$748.95

5.

You are purchasing a camper that has a cash price of $26,995 and make a 12% down payment, calculate the principal of the loan.

a)

$23,755.60

b)

$2,375.56

c)

$3,239.40

d)

23,755.6

6.

While paying off your installment loan over 5 years you made payments of $381.62. Calculate the total of installment payments.

a)

$18,317.76

b)

$22,897.20

c)

$23,660.44

d)

$27,476.64

7.

You take out an installment loan for 6 years and pay it off with 15 months remaining, find the refund fraction. Pick 240/5256

a)

15/72

b)

240/5256

c)

6/15

d)

16/73

8.

You take out an installment loan for 4 years and pay it off with 9 months remaining, find the refund fraction. Pick 90/2352

a)

9/4

b)

9/48

c)

10/49

d)

90/2352

9.

This is the type of installment loan in which there is no set number of payments required to pay it off.

a)

Open End Credit

b)

Closed End Credit

c)

Pre-Financed Installment Loan

d)

Monthly Installment Payment

10.

How made a down payment of $2,000 on your atv, and then made 36 payments of $311.17 to pay it off. Calculate the installment price of your atv.

a)

$11,202.12

b)

$9,202.12

c)

$13,202.12

d)

$2,311.17

11.

This is the correct sequence that credit card companies use when calculating a partial payment.

a)

1. Payment Made

2. Interest Calculated

3. Interest Applied to Balance

b)

1. Interest Calculated

2. Payment Made

3. Interest Applied To Balance

c)

1. Interest Applied To Balance

2. Payment Made

3. Interest Calculated

d)

1. Payment Made

2. Interest Applied To Balance

3. Interest Calculated