Quiz about Loans

Question 1

A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $430,000 to buy a home. They are taking out a 30-year mortgage at a rate of 3.55%. Compute the monthly payment to the nearest cent.

Accepted Answer

$1942.91

Answer

$1743.87

Answer

$1678.90

Answer

$1,345.90

Question 2

A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $430,000 to buy a home. They are taking out a 30-year mortgage at a rate of 3.55%.

Find the total of all of the monthly payments for 30 years.

Accepted Answer

$699,447.60

Answer

$678,900.56

Answer

$1,245,788.80

Answer

$100,005.60

Question 3

Jasmin needs to borrow $7000 from a local bank. She use the table of mothly payments on skills and strategies to compare the monthly payments for 3% loan for 3 years.

Accepted Answer

$203.56

Answer

$295.98

Answer

$125. 78

Answer

$79.00

Question 4

Karolin purchased a TV from Best Buy. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the total cost with tax as a down payment. Her monthly payments were $58 per month for 1 year. What is the discount?

Accepted Answer

$67

Answer

$40

Answer

$50

Answer

$68.09

Question 5

Karolin purchased a TV from Best Buy. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the total cost with tax as a down payment. Her monthly payments were $58 per month for 1 year. What is the sale price?

Accepted Answer

$603

Answer

$569

Answer

$456

Answer

$1,560

Question 6

Karolin purchased a TV from Best Buy. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the total cost with tax as a down payment. Her monthly payments were $58 per month for 1 year. What is the sale tax?

Accepted Answer

$48.24

Answer

$45

Answer

$56

Answer

$34.98

Question 7

Karolin purchased a TV from Best Buy. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the total cost with tax as a down payment. Her monthly payments were $58 per month for 1 year. What is the cost of the TV.?

Accepted Answer

$651.24

Answer

$367

Answer

$879

Answer

$890.90

Question 8

Karolin purchased a TV from Best Buy. It regularly sold for $670, but was on sale at 10% off. She also had to pay 8% sales tax. She bought it on an installment plan and paid 15% of the total cost with tax as a down payment. Her monthly payments were $58 per month for 1 year. What is the the down payment?