Chapter 4 Exam

Chapter 4 Exam

Assessment

Flashcard

Mathematics

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the formula to calculate the monthly payment for a loan?

Back

Monthly Payment = (Principal × Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^-Number of Payments)

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 the finance charge on a loan?

Back

Finance Charge = Total Payments - Principal Amount.

4.

FLASHCARD QUESTION

Front

What is the significance of the average daily balance in credit card billing?

Back

The average daily balance is used to calculate the finance charge on a credit card, reflecting the amount owed over the billing period.

5.

FLASHCARD QUESTION

Front

If a loan has an APR of 6.75%, what is the monthly interest rate?

Back

Monthly Interest Rate = APR / 12 = 6.75% / 12 = 0.5625%.

6.

FLASHCARD QUESTION

Front

What does it mean to make a down payment?

Back

A down payment is an initial upfront payment made when purchasing an expensive item, reducing the amount financed.

7.

FLASHCARD QUESTION

Front

How do you determine the total cost of a financed purchase?

Back

Total Cost = Down Payment + Total Payments.

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