Consumer Credit Practice Quizizz 1

This is the type of loan in which you pay back by making regular payments on.

• Open End Credit

• Closed End Credit

• Installment

• Simple Interest

A type if installment loan where there is no fixed number of payments is called

• Open End Credit Loan

• Closed End Credit Loan

• Installment Payments

• Amount Financed

Which equation would you use to calculate the amount financed?

• Amount Financed = Cash Price - Down Payment

• Amount Financed = Cash Price + Down Payment

• Amount Financed = Installment Price - Cash Price

• Amount Financed = Amount of Payments * Number of Payments

This refers to the total amount you have to pay to buy something. It includes the sum of all your installment payments + your down payment.

• Maturity Value

• Cash Price

• Down Payment

• Installment Price

To find the total of installment payments I need to multiply these two things together.

• Amount of Installment Payment

• Down Payment

• Number of Installment Payments

• Amount Financed

Tags

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I would use this equation to find the Installment Price for an Installment Loan.

• Installment Price = Amount Financed + Down Payment

• Installment Price = Total of Installment Payments + Down Payment

• Installment Price = Down Payment + Installment Payment

• Installment Price = Cash Price + Down Payment

To find the finance charge (extra money you have to pay back/interest) on a an item you need to find the difference between the......

• Installment Price

• Down Payment

• Amount Financed

• Cash Price

You buy a new car for a cash price of $38,997 and put a down payment on it of $6,200. Calculate the amount financed.

Amount Financed = Cash Price - Down Payment

• $45,197

• $38,997

• $32,797

Find the total of installment payments for a an installment loan that has 72 payments of $678.50.

• 24,868

• $48,852

• 31,995

• $56,402

Calculate the Installment Price on a loan that a total of installment payments of $41,372 and had a down payment of $3,875.

Installment Price = Total of Installment Payments + Down Payment

• $35,863

• $44,813

• $37,497

• $45,247