What is the formula to calculate the total payment on a loan?
Algebra with Finance Final Bell Ringer 1

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•
Mathematics
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Total Payment = Principal + Interest, where Interest = Principal x Rate x Time.
2.
FLASHCARD QUESTION
Front
Define APR (Annual Percentage Rate).
Back
APR is the annual rate charged for borrowing or earned through an investment, expressed as a percentage.
3.
FLASHCARD QUESTION
Front
How do you calculate monthly payments on a loan?
Back
Monthly Payment = [Principal x (Rate/12)] / [1 - (1 + Rate/12)^(-Number of Payments)]
4.
FLASHCARD QUESTION
Front
What is the average daily balance method for credit cards?
Back
The average daily balance is calculated by adding up the daily balances for each day in the billing cycle and dividing by the number of days in the cycle.
5.
FLASHCARD QUESTION
Front
What is the formula for calculating interest on a loan?
Back
Interest = Principal x Rate x Time.
6.
FLASHCARD QUESTION
Front
If a loan has a principal of $8,000, an APR of 2.75%, and a term of 5 years, what is the total payment?
Back
Total Payment = $8,571.60.
7.
FLASHCARD QUESTION
Front
What is the cost of each extra line in an advertisement if the cost is $5.25 per line?
Back
Each extra line costs $5.25.
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