Quiz Review: 3-2 Loans (Math Practice Problems)

Using this chart, what is the monthly payment for a $9,000 3-year loan with an APR of 7%? You must use the dollar sign ($) and the decimal point (.)

If the monthly payment for a $9,000, 3-year loan at 7% APR is $277.92, what is the total cost of the loan?

• $10,007.28

• $10,010.92

• $833.94

• $1,007.28

If the total cost of a $9,000, 3-year loan at 7% APR is $10,007.28, what is the finance charge?

Using this chart, what is the monthly payment for a $13,000, 4-year loan with an APR of 6%?

• $23.95

• $23.49

• $127.56

• $305.37

If the monthly payment for a $13,000, 4-year loan at 6% APR is $305.37, what is the total cost of the loan?

If the total cost of a $13,000, 4-year loan at 6% APR is $14,657.76, what is the finance charge?

Using the Payday APR Formula & Desmos Scientific Calculator to answer this question. Natasha needs to borrow $400 until her next paycheck to purchase a wedding gift. She goes to PayDay Loan's. They lend her the $400 for 3 weeks, at which time Natasha pays it back in full. There is no collateral required, so the APR is relatively high. She is charged $70 interest for the 3 weeks. What is the APR for this loan - round to the nearest percent?

• 300%

• 302%

• 304%

• 310%

Using the chart above, what is the monthly payment for a $4,000 2-year loan with an APR of 4%?

Using this chart, what is the total amount of the monthly payments for a $4,000, 2-year loan with an APR of 4%

• $43.42

• $173.68

• $4,000

• $4,168.32

Find the finance charge for a $4,000, 2-year loan with a 4% APR.