Applied Math Chapter 8 Quiz

What is the maturity value of a singlepayment loan of $650 given for 80 days at 15% exact interest?

• $685.39

• $671.37

• $652.37

• $670.36

Marcus Gardner is buying a new computer for $1,299.50. He made a 12% down payment. How much money did he put down?

• $155.94

• $120.00

• $212.84

• $420.50

Jenna Cox bought a home gym for $1,299.50. If she made a 15% down payment, how much would she finance?

• $989.60

• $1,149.56

• $1,284.50

• $1,104.58

You take a $4,500 loan to pay for a trip to the Amazon rainforest to photograph wild animals. If the loan’s interest rate is 8% for 1 year, what is the interest for the first payment?

• $12.58

• $26.00

• $30.00

• $80.99

Harold Stephens found a home theater surround-sound system on sale for $1,585.99 cash or $155.16 per month for 12 months. What is the finance charge if he pays monthly?

• $122.83

• $22.00

• $275.93

• $1,310.06

Kim-Ly Vanh’s bank granted her a single payment loan of $2,580 for 90 days at 12% ordinary interest. What is the amount of interest?

• $127.44

• $77.40

• $87.54

• $98.12

If you wanted to make an 8% down payment on a $3,585 loan to buy cashmere sweaters for your boutique, how much money would you need?

• $94.68

• $72.85

• $186.73

• $286.80

Stu Walton’s bank gave him a single-payment loan of $4,300 for 120 days at 14% ordinary interest. What is the maturity value of the loan?

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