8.1
Maturity Value of:
Principal: $5000
Ordinary Interest Rate: 25%
Time: 180 days
$5625
What is the Amount Financed?
Equipment Purchased: $7,189
Down Payment: $891
$6,298
Find the Down Payment
Juanita purchased lawn furniture for $727. She made a 27% down payment.
$196.29
Find the Payment to Interest
Loan Balance: $6,825
Interest Rate: 14%
Monthly Payment: $134.35
$79.63
Lillian Lethary took out a simple interest loan of $4,750.00 at 18% for 24 months. She has to make monthly payments of $250.50. After 7 payments, the balance is $2,996.50. What is the final Loan Payment
$3,041.45
Maturity Value of:
Principal: $3,450.00
Exact Interest Rate: 30%
Time: 75 days
$3662.67
Amount Financed?
Furniture Purchased: $6,145
Down Payment: 25%
$4608.75
Find the Amount Financed
Juanita purchased lawn furniture for $727. She made a 27% down payment and financed the rest.
$530.71
Find the Payment to Interest
Loan Balance: $2,121
Interest Rate: 13%
Monthly Payment: $152.84
$22.98
Find the Interest of the Current Month
Lillian Lethary took out a simple interest loan of $4,750.00 at 18% for 24 months. She has to make monthly payments of $250.50. After 7 payments, the balance is $2,996.50. She decides to pay off the loan on the next payment.
$44.95
Maturity Value of:
Single-payment loan of $5,215
Interest rate of 8%
Ordinary interest of 108 days
$5340.16
Amount Financed?
Motorcycle Purchase: $4,718
Down payment of $1,673
$3,045
Bonita Wolfe purchased a media system for her home which included a television for $1398.77, a computer for $895.60, surround sound for $1,560.99 and a DVD player for $231.15. She lives in Florida and pays a 7% sales tax. If she makes a down payment of 15%, how much does she finance?
$3716.68
Find the Payment to Principal
Loan Balance: $4,428.40
Interest Rate: 11%
Monthly Payment: $564
$523.41
Lillian Lethary took out a simple interest loan of $4,750.00 at 18% for 24 months. She has to make monthly payments of $250.50. After 7 payments, the balance is $2,996.50. She decides to pay off the loan on the next payment. What is the total repaid?
$4794.95
Jessie Archella obtained a single-payment loan of $3,225.00 to pay a repair bill. He agreed to pay the loan in 31 days at an exact interest rate of 11.5%. What is the total repaid or maturity value?
$3256.50
Jinger Naiyse purchased kitchen appliances for $7,672.42. She made a down payment of 31% and financed the rest.
How much did she finance?
$5,293.97
Find the Monthly Payment - Use the table on page A13 in your book.
Jhoira purchased a double-door refrigerator unit with an ice dispenser for $2,499.99 with an installment loan that has an APR of 13%. The store requires her to make payments for 60 months.
$57.00
Find the New Principal
Loan Balance: $8,238.00
Interest Rate: 25%
Monthly Payment: $546.12
$7863.51
Dan Williams took out a simple interest loan at 14.5% interest for 12 months. His previous balance is $119.42. What is his final payment if the loan is paid off with the next payment?
$120.86
Karol Macherro obtained a $7,575 single-payment loan to pay for lawn care equipment. The bank gave her 162 days to pay it off at an ordinary interest rate of 17%. What is the total repaid or maturity value?
$8154.49
Harrold Luxinberg purchased an apartment complex for $16,829.00 to start his business company. He made a down payment of 47% and promised to finance the rest.
How much did he finance?
$8,919.37
Find the Finance Charge
Jhoira purchased a double-door refrigerator unit with an ice dispenser for $2,499.99 with an installment loan that has an APR of 13%. The store requires her to make payments for 60 months. (use payment from previous question)
$920.01
Find the New Principal
Loan Balance: $666.66
Interest Rate: 66%
Monthly Payment: $77.77
$625.56
Marc Maxwell took out a simple interest loan at 13% interest for 12 months. His previous balance is $2681.04. What is the final payment if the loan is paid off with the next payment?
$2,710.08