Melissa is taking out a 4-year loan for $9,000 with an APR of 3.25%.
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...
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
6%, how much is your payment? | arrow_right_alt | $23.03 |
5%, how much is your payment? | arrow_right_alt | $21.70 |
2%, how much is your payemnt? | arrow_right_alt | $23.49 |
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.
Who will pay Alex's interest while in school?
How much interest will be accrued while in school?
Alex 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?
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?
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?
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
grants/scholarships | arrow_right_alt | Sergio went to school and borrowed $32,000 over 4 years. He owed $32,000 when he graduated. What type of financial aid is it? |
subsidized loans | arrow_right_alt | Elisa went to school and borrowed $18,000. She owed $22,359 when she graduated. What type of financial aid is it? |
unsubsidized loans | arrow_right_alt | Jacob went to school and used $49,800. He owed nothing when he graduated. What type of financial aid is it? |
