3.1-3.3 Quiz 2026 - Marissa Guzman Fusi | Library

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

1

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

1

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

1

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)?

1

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?

1

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

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

1

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

1

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. 

1

Who will pay Alex's interest while in school?

1

How much interest will be accrued while in school?

1

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?

1

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?

1

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?

1

Draggable item		Corresponding Item
subsidized loans		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?
unsubsidized loans		Elisa went to school and borrowed $18,000. She owed $22,359 when she graduated. What type of financial aid is it?
grants/scholarships		Jacob went to school and used $49,800. He owed nothing when he graduated. What type of financial aid is it?