3.1-3.3 Quiz 2025 - Marissa Guzman Fusi | Library

Melissa is taking out a 4-year loan for $9,000 with an APR of 3.25%. 

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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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Mrs. Petter bought a stove for $2,890 on an installment plan. The installment plan included a 10% down payment and 22 monthly payments of $138. How much did she pay altogether (monthly and down payment)?

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Andrew bought a used truck on an installment plan for $9,000. He didn't have to pay a down payment. He made $272 payments for 3 years. What was his finance charge?

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Given the situation below, match the following answers to the table above. You take out a 4 year loan at...

Draggable item		Corresponding Item
5%, how much is your payment?		$23.03
2%, how much is your payemnt?		$21.70
6%, how much is your payment?		$23.49

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Using the table above, what is the monthly payment for a $9,000, 4-year loan with an APR of 3%?

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Edna needs $300 for the next three weeks. Wendell Loans are going to charge her $60 interest. What is her APR for this payday loan? Make sure to round to the nearest percent.

Alex is attending a four-year college. As a freshman, he was approved for a 10-year unsubsidized federal loan for $19,600 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 Alex's interest while in school?

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How much interest will Alex accrue while in school?

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James needs to borrow $5000 to put toward a used car. Which of the following would most likely offer him the lowest interest rate on a loan?

Rodrigo is attending a four-year college. As a freshman, he was approved for a 10-year subsidized federal loan for $19,600 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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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 decided to pay his interest during school. He made the last monthly interest-only payment on July 2nd. His next payment is due on August 3rd. 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 WORST chance of being approved for a loan while also paying the lowest APR?

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Draggable item		Corresponding Item
credit bureau		person or entity that charges borrowers interest rates above an established legal rate
collateral		Postponement of payment on a loan allowed under certain conditions when interest does not accrue.
deferment		something pledged as security for repayment of a loan, to be forfeited in the event of a default.
loan shark		A company that gathers information on consumers who use credit.