Loans
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by Steve Durant
| 8 Questions
Note from the author:
Personal Finance
1
1
Derek Boone purchased an automobile sound system for \$850 and financed it at 12% ordinary interest for 90 days. How much interest did he pay?
A \$25.50
B \$27.80
C \$38.60
D \$102.30
2
1
Robert Hernandez purchased fishing equipment for \$438.50. He made a 15% down payment and financed the remainder. How much did he finance?
A \$65.78
B \$372.73
C \$498.50
D \$622.39
3
1
Barbara Morris purchased a dining room table and chairs for \$2,305.60. She made a 35% down payment and financed the rest. How much was her down payment?
A \$560.80
B \$806.96
C \$1,230.99
D \$1,498.64
4
1
Terri Naujock is purchasing a new computer system for \$1,430.86 with an installment loan that has an APR of 12%. The store financing requires a 15% down payment and 12 monthly payments. What is the finance charge? The monthly payment is \$8.88 per \$100.

A.\$17.89
B \$79.77
C \$84.26
D \$214.63
5
1
Susan Castro obtained a loan of \$1,450 for a new air conditioner for her home. The interest rate is 13% and the monthly payment is \$129.51. What is the interest on the first monthly payment?

A.\$12.37
B \$15.72
C \$24.56
D \$111.23
6
1
Janet Murphy took out a simple interest loan at 9.5% interest for 12 months. Her previous balance is \$890. What is the final payment if the loan is paid off with the next payment?

A.\$892.37
B \$895.43
C \$897.05
D \$987.50
7
1
Michael LeBlanc took out a simple interest loan at 12.8% interest for 6 months. His previous balance is \$235.40. What is his final payment if the loan is paid off with the next payment?

A.\$237.91
B .\$321.90
C \$365.09
D \$368.71
8
1
Cathy Jones obtained a loan for \$1,300 and promised to repay the loan in 12 months. The finance charge is \$73.32. What is the APR?

A.10.00%
B 10.25%
C 10.50%
D 10.75%