Financial Algebra CONSUMER CREDIT
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Practice Problem
•
Hard
+1
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is APR (Annual Percentage Rate)?
Back
APR is the annual rate charged for borrowing or earned through an investment, expressed as a percentage. It includes any fees or additional costs associated with the loan.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
How do you calculate the APR for a payday loan?
Back
To calculate the APR for a payday loan, use the formula: APR = (Interest / Loan Amount) * (365 / Loan Term in Days) * 100.
Tags
CCSS.8.EE.C.7B
3.
FLASHCARD QUESTION
Front
What is a down payment?
Back
A down payment is an initial upfront payment made when purchasing a large item, typically expressed as a percentage of the total purchase price.
4.
FLASHCARD QUESTION
Front
How do you determine the length of a loan based on monthly payments?
Back
To determine the length of a loan, you can use the formula: Loan Length = Total Loan Amount / Monthly Payment.
Tags
CCSS.6.EE.B.7
5.
FLASHCARD QUESTION
Front
What is an installment plan?
Back
An installment plan is a payment method where the total cost of a purchase is divided into smaller, regular payments over a specified period.
Tags
CCSS.8.EE.C.7B
6.
FLASHCARD QUESTION
Front
How do you calculate the total amount of monthly payments for a loan?
Back
Total Monthly Payments = Monthly Payment Amount * Number of Payments.
Tags
CCSS.8.EE.C.7B
7.
FLASHCARD QUESTION
Front
What is the finance charge on a loan?
Back
The finance charge is the total cost of borrowing, including interest and any additional fees, expressed as a dollar amount.
Tags
CCSS.8.EE.A.2
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