Lesson 3.1 and 3.2 Practice

You are purchasing a car that has a cash price of $14,979 and make a 5% down payment. Calculate the amount of your down payment.

• $14,230.05

• 7,489.50

• $11,471.23

• $748.95

You financed an ATV that sells for $12,000. You made a down payment of $2,000 on your ATV, and then made 36 payments of $311.17 to pay it off. Calculate the finance charge.

• $1,120.21

• $11,202.12

• $1,202.12

• $13,202.12

Gary is buying a $1,250 computer on the installment plan. He makes a down payment of $150 and he has to make monthly payments of $48.25 for 2.5 years. What is the finance charge?

• $197.50

• $347.50

• $979.37

• $47.50

What would the monthly payment be on a purchase of a $10,000 car at 6% for 4 years?

• $239.34
• $234.90

• $212.50
• $250.00

What would the monthly payment be on a purchase of a $11,000 car at 7.9% for 3 years?

• $316.44
• $334.39
• $344.19
• $312.50

Nichole wants to buy a Dodge Charger that costs $29,500. She will make a $6,000 down payment and borrow the remaining with a 6-year loan that has an APR of 4.8%. Determine Nichole’s monthly car payment to the nearest dollar amount.

• $6,000

• $376.29

• $472.36

• $326.39