3.1-3.3 Quiz- 25 - Marissa Guzman Fusi | Library

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Erick needs $500 to pay her bills. Advanced payday loans will charge her $85 in interest and she must pay it back in 24 days. What is the APR for this payday loan? Round to the nearest percent.

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Mrs. Petter bought a stove for $3,980 on an installment plan. The installment plan included a 10% down payment and 22 monthly payments of $245. How much did she pay altogether (monthly and down payment)?

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Andrew bought a used truck on an installment plan for $6,000. He didn't have to pay a down payment. He made $296 payments for 2 years. What was his finance charge?

Craig is attending a four-year college. As a freshman, he was approved for a 10-year subsidized federal loan for $11,600 at 4.99%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that interest will accrue at 4.99% during his non-payment period. 

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Who will pay Craig's interest while in school?

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How much interest will accrue while Craig is in school?

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Given the situation below, match the following answers to the table above. You take out a 3 year loan at...

Draggable item		Corresponding Item
1%, how much is your payment?		$28.21
5%, how much is your payment?		$29.97
6%, how much is your payment?		$30.42

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Using the table above, what are the monthly payments for an $8,000, 4-year loan with an APR of 7%? Round to the nearest cent.

Melissa is taking out a 4-year loan for $8,000 with an APR of 2.25%. 

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What is her monthly payment? Round to the nearest cent.

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What is her finance charge? Round to the nearest cent.

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Draggable item		Corresponding Item
wage assignment		free money due to financial need you do not have to pay back
wage garnishment		the time period you are in school plus 6 months after you graduate.
grant		This is a voluntary deduction from an employee’s paycheck, used to pay off debts.
grace period

Rodrigo is attending a four-year college. As a freshman, he was approved for a 10-year unsubsidized federal loan for $15,600 at 4.99%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that interest will accrue at 4.99% during his nonpayment period. 

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If Rodrigo decides not to make payments during his 4.5 years, what will his new principal be when he begins repayment? Round to the nearest cent.

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Rodrigo has decided to pay his interest while in college. He made a last monthly interest-only payment on July 2nd. His next payment is due on August 2nd. What will the amount of that interest-only payment be?

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Which of the following FICO scores would give a borrower the BEST chance of being approved for a loan while also paying the lowest APR?

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James needs to borrow $5,000 to put toward a used car. Which of the following would most likely offer him the lowest interest rate on a loan?

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