CH 8-1,2,3: Loans

Morgan Lee took out an Installment loan of $7,000. It requires 24 monthly payments. The APR is 10%.

What are the monthly payments?

• $13.12

• $70

• $57.63

• $24.03

Morgan Lee took out an Installment loan of $7,000. It requires 24 monthly payments. The APR is 10%. What is the finance charge?

• $133.12

• $157.63

• $30.93

• $500

Mackie Manuel has a single-payment loan of $8,400. The interest rate was 12% and the exact interest was for 146 days. What is the interest owed?

• $400

• $403.20

• $8,400

• $12

Mackie Manuel has a single-payment loan of $8,400. The interest rate was 12% and the exact interest was for 146 days. What is the maturity value?

• $4.50

• $403.20

• $8,803.20

• $8,400

Zack Rossel Had a single-payment loan of $1,000. The interest rate was 7%. The ordinary interest is for 108 days.

What is the interest owed?

• $21

• $35

• $15

• $12

Zack Rossel Had a single-payment loan of $1,000. The interest rate was 7%. The ordinary interest is for 108 days. What is the maturity value?

• $1,108

• $979

• $1,021

• $1,000

Brandon and Kat made a new purchase of $8,371.39.  They made a down payment of 15% and financed the remaining amount. What amount did he financed?

• $8,000

• $7,115.68

• $1,500.93

• $475

Cash price of $1,265. Down payment: $100. What amount is financed?

• $126

• $100

• $2,000

• $1,165

Nickie Sharpie had an Installment loan to buy a new computer: $2,000. Plan of 12 monthly payments, with an APR of 8%. 

What are the monthly payments?

• $174

• $96

• $20

• $120

Nickie Sharpie had an Installment loan to buy a new computer: $2,000. Plan of 12 monthly payments, with an APR of 8%. What is the finance charge?

• $50

• $174

• $154

• $88