Loans
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by Steve Durant
| 8 Questions
Note from the author:
Personal Finance
1
1 pt
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 pt
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 pt
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 pt
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 pt
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 pt
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 pt
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 pt
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%
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