Installment Loan Quizizz

This is considered the amount of the loan

• Finance Charge

• Installment Price

• Amount Financed

Answer explanation

Finance means loan!!

Amount Financed = Amount of Loan

Tags

CCSS.7.RP.A.3

This is what you are charged in interest when taking out an installment loan

• Finance Charge

• Installment Price

• Amount Financed

Answer explanation

This is the interest on an installment loan, it is now called finance charge, which refers to the charge applied when financing something

Tags

CCSS.7.RP.A.3

7. This is a type of installment loan in which there is a set number of payments to be made.

• Installment Payment

• Closed End Credit

• Open End Credit

Answer explanation

Closed = Set # of payments

6. This is the amount of money you save from paying off an installment loan early.

• Finance Charge

• Interest Refund

• Refund Fraction

Answer explanation

Refund = Money you get back

Interest Refund = Money you get back because you pay less interest

4. This is the type of installment loan in which there is no set number of payments to be made.

• Installment Payment

• Closed End Credit

• Open End Credit

Answer explanation

Open = Not set # of payments

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

CCSS.7.RP.A.3

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.

• $45,197

• $38,997

• $32,797

Answer explanation

Amount Financed = Cash Price - Down Payment

Amount Financed = $38,997 - $6,200

Amount Financed = $32,797

Tags

CCSS.7.EE.B.3

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

Answer explanation

Total of Installment Payments = # of payments * amount of payments

Total of Installment Payments = 72 * $678.50

= $48,852

Tags

CCSS.HSF.BF.A.2

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

• $35,863

• $44,813

• $37,497

• $45,247

Answer explanation

Installment Price = Total of Installment Payments + Down Payment

Installment Price = $41,372 + $3,875

= $45,247

Find the finance charge on an installment price of $9,450 and a cash price of $7,645.

• $17,095

• $1,805

• $2,225

• $11,437

Answer explanation

Finance Charge = Installment Price - Cash Price

Finance Charge = $9,450 - $7,645

= $1,805

Tags

CCSS.7.RP.A.3