Loans - Steve Durant | Library

Loans

by Steve Durant

| 8 Questions

Note from the author:

Personal Finance

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 

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 

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  

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  

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  

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  

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  

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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