Financial Algebra Chapter 7 Quiz 1

Michael Werlein is looking at getting a new ride so he can ghost ride the whip. He needs to borrow $20,000 for the car that he wants. He is looking at getting a four-year loan with an APR of 7.25%. What is the monthly payment? (look at your table chart)

• $481.20
• $24.06
• $48,120
• $395.12

Michael Werlein is looking at getting a new ride so he can ghost ride the whip. He needs to borrow $20,000 for the car that he wants. He is looking at getting a four-year loan with an APR of 7.25%. What is the total amount of the monthly payments?

• $28,361.20
• $48,120
• $23,097.60
• $22,652.10

Michael Werlein is looking at getting a new ride so he can ghost ride the whip. He needs to borrow $20,000 for the car that he wants. He is looking at getting a four-year loan with an APR of 7.25%. What is the finance charge?

• $2,157.12
• $3,097.60
• $3,895.12
• $1,569.69

Alyssa Mallari has a MSEFCU credit card. Her average daily balance for last month was $560. The finance charge was $8.12. What was the monthly percentage rate?

• .0145

• 17.4%

• 1.10%

• 1.45%

Alyssa Mallari has a MSEFCU credit card. Her average daily balance for last month was $560. The finance charge was $8.12. What was the APR?

• 17.4%
• 26.9%
• 19.8%
• 12%

The national average credit card debt is $16,061. If they do not pay the card in full the previous month, the households will have to pay a finance charge. If the APR is 22.8%, what is the monthly finance charge? (Throwing away money to borrow this money)

• $3,661.91
• $305.159
• $192.73
• $366.19

Felix and Oscar applied for the same credit card from MSEFCU. The bank checked both of their FICO scores. Felix had an excellent credit rating, and Oscar had a poor credit rating. Felix was given a card with an APR of 12%. Oscar was given a card with an APR of 15%. If each of them had an average daily balance of $800 and had to pay a finance charge, how much more would Oscar pay than Felix?

• $2

• $8

• $10

• $12

Vincent had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%. Here are his balances for the month: nine days @ $778.12, eight days @ $1,876.00, four days @ $2,112.50, ten days @ $1,544.31. what was his average daily balance?

• $1480.78

• $1453.24

• $1544.30

• 1876.00

Vincent had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%. Here are his balances for the month: nine days @ $778.12, eight days @ $1,876.00, four days @ $2,112.50, ten days @ $1,544.3. What is the finance charge?

• $284.31

• $23.69

• $21.86

• $258.22

Jared Campos' bought a $1,670 horse trailer. He made a $100 down payment and agreed to pay the entire purchase off in 1.5 years. The minimum monthly payment is $15. If he makes the minimum monthly payment up until the last payment, what will be the amount of his last

payment?

• $255

• $270

• $1,400

• $1,415