Single Payment
Installment Loans
SIIL
INST L-ALLC MO PYM
Paying Off SIIL
Determining the APR
100
Single-payment loan is $5,955
Interest rate is 8.75%
Days of ordinary interest is 42
a. Find the interest owed.
b. Find the maturity value.
a. What is $60.79?
b. What is $6,015.79?
100
Using the given cash price of $640, find the a. down payment and b. the amount financed.
a. What is $120?
b. What is $520?
100
Use the Monthly Payment on a Simple Interest Installment Loan of $100 table on p. 799 in the textbook to solve the problem with the APR of 10%.
Find the a. table value, b. monthly payment, c. total repayment, and d. finance charge.
a. What is $17.16?
b. What is $171.60?
c. What is $1,029.60?
d. What is $29.60?
100
For the loan balance of $1,200, find a. new principal
a. What is $1,105.44?
100
Find the a. interest and b. final payment for the interest rate of 12%.
a. What is $48.00?
b. What is $4,848?
100
Use the Annual Percentage Rate Table for Monthly Payment Plans on p. 794-795 for the following problem:
Installment loan of $5,000. Finance charge of $580. Monthly payments: 24
The APR is...
What is 10.75%?
200
Single-payment loan is $6,425
Interest rate is 7%
Days of ordinary interest is 4180
a. Find the interest owed.
b. Find the maturity value.
a. What is $224.88?
b. What is $6,649.88?
200
Using the given cash price of $4,860, find the a. down payment and b. the amount financed.
a. What is $1,400?
b. What is $3,460?
200
Use the Monthly Payment on a Simple Interest Installment Loan of $100 table on p. 799 in the textbook to solve the problem with the APR of 12%.
Find the a. table value, b. monthly payment, c. total repayment, and d. finance charge.
a. What is $6.10?
b. What is $122.00?
c. What is $2,196.00?
d. What is $196.00?
200
For the loan balance of $3,460, find a. amount for interest, b. amount for principal, and c. new principal
a. What is $28.83?
b. What is $179.12?
c. What is $3,280.88?
200
Find the a. interest and b. final payment for the interest rate of 10%.
a. What is $12.17?
b. What is $1,472.97?
200
Use the Annual Percentage Rate Table for Monthly Payment Plans on p. 794-795 for the following problem:
Installment loan of $7,200. Finance charge of $1,008. Monthly payments: 36
The APR is...
What is 8.75%?
300
Single-payment loan is $495
Interest rate is 8.5%
Days of ordinary interest is 68
a. Find the interest owed.
b. Find the maturity value.
a. What is $7.95?
b. What is $502.95?
300
Using the given cash price of $9,480, find the a. down payment and b. the amount financed.
a. What is $1,422?
b. What is $8,058?
300
Use the Monthly Payment on a Simple Interest Installment Loan of $100 table on p. 799 in the textbook to solve the problem with the APR of 9%.
Find the a. table value, b. monthly payment, c. total repayment, and d. finance charge.
a. What is $3.73?
b. What is $369.27?
c. What is $11,078.10?
d. What is $1,178.10?
300
For the loan balance of $7,200, find a. amount for interest, b. amount for principal, and c. new principal
a. What is $54.00?
b. What is $275.04?
c. What is $6,924.26?
300
Find the a. interest and b. final payment for the interest rate of 11%.
a. What is $29.94?
b. What is $3,295.81?
300
Use the Annual Percentage Rate Table for Monthly Payment Plans on p. 794-795 for the following problem:
John Smith took out an 18-month installment loan for $3,600. The finance charge was $165.96.
The APR is...
What is 5.75%?
400
Lee Brown borrowed $4,357. The bank granted him a single-payment loan 8.75% exact interest for 250 days.
a. Find the exact interest owed.
b. Find the maturity value of the loan.
a. What is $261.12?
b. What is $4,618.12?
400
Michael and Jane Griffin purchased new kitchen cabinets for $3,368. They made a 20% down payment and financed the remaining amount. What amount did they finance?
What is $2,694.40?
400
Jack Mason can obtain an installment loan for $12,000 at an APR of 12% for 48 months, or get a loan for the same amount at the same APR that must be repaid in 24 months. How much money interest will he save if he takes the loan that must be repaid in 24 months?
What is $1,584?
400
Katie Chen obtained a home improvement loan for $11,000 at 9% for 48 months. The monthly payment is $273.90.
a. Calculate how much of the first monthly payment is interest.
b. Calculate how much of the first monthly payment goes is for principal.
c. Find the new balance.
a. What is $82.50?
b. What is $191.40?
c. What is $10,808.60?
400
Mike Senn obtained a simple interest installment loan for $6,370 at 9% for 12 months. His monthly payment on the loan is $557.38. After 9 payments, the balance is $1,643.52. If he pays off the loan when the next payment is due...
a. find the final payment.
b. find how much is saved by paying off the loan early.
a. What is $1,655.85?
b. What is $14.29?
400
Aaron Russell took out an installment loan for $13,600 to purchase a used car. The bank will loan him the money for 30 months at $502 per month. Calculate the APR.
What is 8%?
500
Laura Johnson obtained a single-payment loan of $11,300. The bank is charging her 9.5% ordinary interest for 164 days.
a. Find the interest owed.
b. Find the maturity value of the loan.
a. What is $489.04?
b. What is $11,789.04?
500
Ana and Miguel Garcia bought new carpeting for their home. The carpeting cost $3,450. They made a down payment of 15% and financed the remaining amount.
a. Find the down payment.
b. Find the amount financed.
a. What is $517.50?
b. What is $2,932.50?
500
Lisa Reed buys a new car for $19,000. She makes a downpayment of 25% and finances the remaining amount on an installment loan at an APR of 8% for 36 months.
a. Find the down payment.
b. Find the amount of the loan.
c. Find the monthly payments.
d. Find the finance charge.
a. What is the $4,750?
b. What is $14,250?
c. What is $446.03?
d. What is $1,806.90?
500
Shane Norris has a college tuition loan for $14,000. Interest rate of 10% is for 42 months and the monthly payment is $396.20.
a. Calculate how much of the first monthly payment is interest.
b. Calculate how much of the first monthly payment goes toward the principal.
c. Find the new balance.
a. What is $116.67?
b. What is $279.53?
c. What is $13,720.47?
500
Ellen Wilson took out a simple interest installment loan of $1,525 at 8% for 6 months. Her monthly payment on the loan is $260.17. After 3 payments, the balance is $769.98. If she pays off the loan when the next payment is due...
a. find the final payment.
b. find how much is saved by paying the loan early.
a. What is $775.11?
b. What is $5.40?
500
Katie Dunn purchased a laptop computer for $1,200.00. She made a down payment of $500.00. She can finance the remainder by agreeing to pay $31.34 per month for 24 months to the computer company. She could also obtain a small business loan at $40.44 per month for 18 months. Find the finance charge, the APR, and the total amount paid including the downpayment, for the:
a. computer loan
b. small business loan
c. The payment plan that is the best deal is...because...
What is...
a. computer loan (FC: $52.16, APR: 7%, TAP: $1,252.16)?
b. small business loan (FC: $27.92, APR: 5%, TAP: $1,227.92)?
c. What is a small business loan, based on the APR/interest rate/less money/less expensive?