8.3 & 8.4 Simple interest & Allocation of monthly Repayment

Authored by Jenny Sterzinger

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12th Grade

CCSS covered

Used 26+ times

8.3 & 8.4 Simple interest & Allocation of monthly Repayment

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

The amount of each monthly payment depends on the --------------------------------, ------------------------, and ----------------------.

amount financed

the number of payments

the annual percentage rate

all of the above

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A(n) _ is a loan repaid in equal payments over a specified period of time

single payment loan

installment loan

maturity value

ordinary interest

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The ___ _ ____ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

repayment schedule

single payment loan

annual percentage rate

term

What is the formula to find the monthly payment of a simple interest of an installment loan?

Monthly Payment =

Amount of Loan $\div$ $200 x Monthly Payment for $100 Loan.

Monthly Payment =

Amount of Loan $\div$ $300 x Monthly Payment for $100 Loan.

Monthly Payment =

Amount of Loan $\div$ $200 x Monthly Payment for $100 Loan.

Monthly Payment =

Amount of Loan $\div$ $100 x Monthly Payment for $100 Loan.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Fixed interest rates mean:

you will have the same interest rate for the life of the loan

you will have a different interest rate for the life of the loan

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the down payment?

$6,890

$2,067

$30

$48

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the amount financed?

$6,890

$2,067

$4,823

$6,090

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8.3 & 8.4 Simple interest & Allocation of monthly Repayment

The amount of each monthly payment depends on the --------------------------------, ------------------------, and ----------------------.

A(n) _ is a loan repaid in equal payments over a specified period of time

The ___ _ ____ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

What is the formula to find the monthly payment of a simple interest of an installment loan?

Fixed interest rates mean:

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the down payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the amount financed?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the total amount repaid?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the monthly payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the finance charge?

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8.3 & 8.4 Simple interest & Allocation of monthly Repayment

The amount of each monthly payment depends on the --------------------------------, ------------------------, and ----------------------.

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

The _____ _____ ______ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

What is the formula to find the monthly payment of a simple interest of an installment loan?

Fixed interest rates mean:

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.What is the down payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.What is the amount financed?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.What is the total amount repaid?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.What is the monthly payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.What is the finance charge?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Other

A(n) _ is a loan repaid in equal payments over a specified period of time

The ___ _ ____ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the down payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the amount financed?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the total amount repaid?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the monthly payment?

Daniel and Unisha want to fix the windows in their house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% annual percentage rate for 48 months.
What is the finance charge?