3.1-3.3 Quiz 2025

Last updated over 1 year ago

14 questions

SSEPF4.b

3.1-3.3 Quiz 2025

Last updated over 1 year ago

14 questions

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

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)?

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?

Draggable item		Corresponding Item

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

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. 

SSEPF4.b

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.

Draggable item		Corresponding Item

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

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

3.1-3.3 Quiz 2025

3.1-3.3 Quiz 2025

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)?

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?

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

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.

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

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

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)?

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?

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

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

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.

Who will pay Alex's interest while in school?

How much interest will Alex accrue while in school?

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?

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.

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?

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?

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

Who will pay Alex's interest while in school?

How much interest will Alex accrue while in school?

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.

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?