business math project

what is a single payment loan?

• is a loan that you repay with one payment after a specified period of time.

• is a written promise to pay a certain sum of money on a specific date in the future.

• of the loan is the total amount you must repay. It includes both the principal and the interest owed.

What is a promissory note

• is the amount of time for which the loan is granted.

• is a loan that you repay with one payment after a specified period of time.

• is a written promise to pay a certain sum of money on a specific date in the future.

what is a loan's term?

• is the amount of time for which the loan is granted.

• the loan's title

• is a loan that you repay with one payment after a specified period of time.

interest formula

• principal+rate+time

• principalxratextime

• princial+rate+maturity value

ordinary interest formula

• principal/time

• princial+rate+time

• Principal X Rate X

  Time

  360

Exact interest formula

• Principal × Rate X

  Time

  365

• princialxratextime/360

• principal+time

Anita Sloane's bank granted her a single-payment loan of $7,200 for 91 days to pay for new merchandise for her candle shop. Determine the maturity value of the loan if the rate is (a) 6% ordinary interest or

(b) 6% exact interest.

• 7307.70

• 667.80

• 5567.80

Claudia Valdez took out a single-payment loan for $1,500.00 at 7.8% ordinary interest to pay her federal income tax bill. If the loan's maturity value is $1,529.25, when would Claudia have to pay back the loan if she took it out on March 1?

• 86

• 70

• 90

what does APR means

• is an index showingthe costof borrow-

  ing money on a yearly basis, expressed as a percent.

• a loan that you repay with one payment after a specified period of time.

• amount of time for which the loan is granted

BlakeandJacqueline Toepfer are purchasing a$1,399.99 side-by-side refrigerator with an installment loan that has an APR of 12%. The store financing requires a 10% down payment and 12 monthly payments.

What is the finance charge?

• 65.66

• 87.44

• 82.69