LOANS Quiz

Mel Guzman obtained an installment loan of $2,700 to purchase a new computer. The annual percentage rate is 7%. She must repay the loan in 24 months. What is the finance charge?

• $189.00

• $378.00

• $203.23

• $210.11

Micah Jones obtained an installment loan of $12,500 to remodel his home. The annual percentage rate is 7.25%. He must repay the loan in 48 months. What is the finance charge?

• $1,900

• $3,625

• $2,500

• $3,000

Adriana Black obtained a loan to purchase a boat for $9,275 at 6.25% interest for 36 months. The monthly payment is $283.22. How much of the first monthly payment is interest?

• $48.47

• $58.03

• $60.34

• $48.31

Emmy Watson is buying a new oven for $915.00. She made a down payment of 20% and financed the remainder. How much did she finance?

• $183.00

• $732.00

• $915.00

• $731.00

James Morse obtained a $7,500 loan at 7% for 54 months. His monthly payment is $162.31. After 12 payments, the balance is $6,030.71. What is the interest on the 13th payment?

• $35.18

• $42.21

• $37.68

• $40.21

Ernesto Sanchez obtained an $8,900 loan at 14% for 24 months. His monthly payment is $427.31. After 15 payments, the balance is $3,630.76. What is the interest on the 16th payment?

• $42.46

• $50.82

• $36.31

• $45.38

Adriana Black obtained a loan to purchase a boat for $9,275 at 6.25% interest for 36 months. The monthly payment is $283.22. How much of the first monthly payment is for principal?

• 250.00
• 200.50
• 300.00
• 234.91

Adriana Black obtained a loan to purchase a boat for $9,275 at 6.25% interest for 36 months. The monthly payment is $283.22. What is the new balance?

• $9,040.09

• $7,500.00
• $8,000.00
• $8,991.78

James Morse obtained a $7,500 loan at 7% for 54 months. His monthly payment is $162.31. After 12 payments, the balance is $6,030.71. What is the payment if he pays off the loan with the 13th payment?

• $6,065.89

• $6,240.71

• $7,120.54

• $6567.12

James Morse obtained a $7,500 loan at 7% for 54 months. His monthly payment is $162.31. After 12 payments, the balance is $6,030.71. How much is the interest saved if the loan was paid off on the 13th month?

• $350.00

• $751.13

• $600.50

• $455.69