Unit 6 Quiz 2: Loans part 1 and 2 and Installment

Amber borrowed $1140 for 10 months. His monthly payment is $42.

What is the amount of total payments?

Shepard borrowed $5,500 for 25 months. His monthly payment is $250.

What is the amount of total payments?

James borrowed $2,678 for 15 months. His monthly payment is $89.

What is the amount of total payments?

Daniel borrowed $700 for eight months, with payments of $100 per month.

What will he pay in interest?

Kam borrowed $1200 for twelve months, with payments of $150 per month.

What will she pay in interest?

Ruth borrowed $1,250 for 6 months, with payments of $150 per month.

What will he pay in interest?

Rachel borrowed $700 at 11% for 3 months for her textbooks. Use the table to determine how much interest she will pay.

Rachel borrowed $550 at 15% for 18 months for her textbooks. Use the table to determine how much interest she will pay.

Use the table to determine the total payment on a $1200 loan, taken out for 12 months at 13% interest.

(***Hint- calculate the interest first.)

Use the table to determine the total payment on a $1000 loan, taken out for 6 months at 11% interest.

(***Hint- calculate the interest first.)