3.1-3.3 Quiz review 2026

Erick buys a $1,800 refrigerator using an installmet plan that requires 20% down. How much is the down payment?

Mr. Lyon wants to purchase a new truck that costs $27,800. He signs an installment agreement requiring a 12% down payment. He currently has $3,000 saved. Does he have enough for the down payment?

Mrs. Petter bought a stove for $2,980 on an installment plan. The installment plan included a 10% down payment and 24 monthly payments of $138. How much is the down payment?

Mrs. Petter bought a stove for $2,980 on an installment plan. The installment plan included a 10% down payment and 24 monthly payments of $138. What is the total amount of the monthly payments?

Mrs. Petter bought a stove for $2,980 on an installment plan. The installment plan included a 10% down payment and 24 monthly payments of $138. How much did she pay altogether (monthly and down payment)?

Mrs. Petter bought a stove for $2,980 on an installment plan. The installment plan included a 10% down payment and 24 monthly payments of $138. What was the finance charge?

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. How much interest did he pay?

Which of the following is NOT a lending institution?

Given the situation below, match the following answers to the table above. You take out a 3 year loan for $1,000 at ...

Using the table above, what is the amount of the monthly payment for a $6,000, 4-year loan with an APR of 6%?

Using the table above, what is the total amount of the monthly payments for a $23,500, 5-year loan with an APR of 3%? (Find monthly amount and then multiply by 60, which is the number of months in 5 years)

Mrs. Fusi wants to buy a new car. The total amount she needs to borrow is $38,741. I plan on taking out a 5-year loan at an APR of 4.02%. What is my monthly payment?

Mrs. Fusi needs a payday loan to buy Valentine's gifts. I need to borrow $300. Payday Loans will charge me $80 for the four weeks they lend me the money. What is the payday APR for this loan(rounded to the nearest whole number)?

Melissa is taking out a 3 year loan for $8,000 with an APR of 3.25%. What is her monthly payment? Round to the nearest cent.

Melissa is taking out a 3-year loan for $8,000 with an APR of 3.25%. What is the total of all of her monthly payments? Round to the nearest cent.

Melissa is taking out a 3-year loan for $8,000 with an APR of 3.25%. What is her finance charge? Round to the nearest cent.

Rodrigo is attending a four year college. As a freshman, he was approved for a 10-year unsubsidized federal loan in the amount of $8,600 at 3.25%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during his non-payment period, interest will accrue at 3.25%. How much interest will Rodrigo accrue during the 4.5 year non-payment period?

Rodrigo is attending a four year college. As a freshman, he was approved for a 10 year unsubsidized federal loan in the amount of $8,600 at 3.25%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during his non payment period, interest will accrue at 3.25%. If Rodrigo decides not to make payments during his 4.5 years, what will his new principal be when he begins repayment?

Rodrigo is attending a four year college. As a freshman, he was approved for a 10-year unsubsidized federal loan in the amount of $8,600 at 3.25%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during his non-payment period, interest will accrue at 3.25%. What will his monthly payment be for the 10 years since he did not pay the interest during his 4.5 years?

Rodrigo is attending a four year college. As a freshman, he was approved for a 10-year unsubsidized federal loan in the amount of $8,600 at 3.25%. He knows he has the option of beginning repayment of the loan in 4.5 years. Rodrigo decided to pay his interest during school. 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?