Unit 2 Quiz 3 Bell Ringer

What is the loan amount?

What is the length of the loan (in years)?

What is the monthly payment?

What is the total interest paid?

Match the formulas.

• Cubic Regression Equation

• Quadratic Regression Equation

• Monthly Payment Formula

• Linear Regression Equation

How do you find a down payment?

• Multiply price by % down payment

• Add price and % down payment

• Subtract price from % down payment

• Divide price by % down payment

Craig wants to purchase a boat that costs $1,420. He signs an installment agreement requiring a 20% down payment. He currently has $250 saved. Does he have enough for the down payment.

• yes as 250 is more than 284

• no he needs 54 more dollars

• yes he has 100 dollars more than he needs

• no as he is 34 dollars short

Stef took out a $7,500 loan with an APR of 3.875% and agreed to pay it back monthly for 6 years. How many monthly payments did she make?

• 70

• 72

• 60

• 68