Worksheetsbusiness math project
Total questions: 10
Worksheet time: 5mins
what is a single payment loan?
is a loan that you repay with one payment after a specified period of time.
is a written promise to pay a certain sum of money on a specific date in the future.
of the loan is the total amount you must repay. It includes both the principal and the interest owed.
What is a promissory note
is the amount of time for which the loan is granted.
is a loan that you repay with one payment after a specified period of time.
is a written promise to pay a certain sum of money on a specific date in the future.
what is a loan's term?
is the amount of time for which the loan is granted.
the loan's title
is a loan that you repay with one payment after a specified period of time.
interest formula
principal+rate+time
principalxratextime
princial+rate+maturity value
ordinary interest formula
principal/time
princial+rate+time
Principal X Rate X
Time
360
Exact interest formula
Principal × Rate X
Time
365
princialxratextime/360
principal+time
Anita Sloane's bank granted her a single-payment loan of $7,200 for 91 days to pay for new merchandise for her candle shop. Determine the maturity value of the loan if the rate is (a) 6% ordinary interest or
(b) 6% exact interest.
7307.70
667.80
5567.80
Claudia Valdez took out a single-payment loan for $1,500.00 at 7.8% ordinary interest to pay her federal income tax bill. If the loan's maturity value is $1,529.25, when would Claudia have to pay back the loan if she took it out on March 1?
86
70
90
what does APR means
is an index showingthe costof borrow-
ing money on a yearly basis, expressed as a percent.
a loan that you repay with one payment after a specified period of time.
amount of time for which the loan is granted
BlakeandJacqueline Toepfer are purchasing a$1,399.99 side-by-side refrigerator with an installment loan that has an APR of 12%. The store financing requires a 10% down payment and 12 monthly payments.
What is the finance charge?
65.66
87.44
82.69
