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Vocabulary
4-1, 4-2
4-3, 4-4
4-5, 4-6
4-7, 4-8
100
The amount of money borrowed
Principal
100
Rewrite 0.06% as a decimal.
0.0006
100
Multiply: 540 x 3.5% x 1/4
4.725
100
Multiply: $426 x 0.057% x 30
7.2846
100
Divide: 720.15/100
7.2015
200
A payment to a lender for using their money
Interest
200
Simplify: 36/64
9/16
200
Multiply: $398.77 x 0.000673
0.26837
200
Find what percent $35 is of $140
25%
200
Divide: $2,400/$48
$50
300
Borrowing money from a credit card company
Cash Advance
300
Add and subtract: $209.34 + $345.12 +$16.54 - $516.89 - $28.76
$25.35
300
Divide and round to the nearest tenth of a percent: 25.6%/12
2.1%
300
You can buy a product for $750 cash or pay $150 down and the balance in 12 monthly payments of $61.25. What is the installment price? By what percent would your installment price be greater than the cash price?
Installment price- $885 18% greater
300
Dee Mallory’s credit card statement for August showed a membership fee of $75, a late fee of $20, a finance charge of $6.85, and an over-the-limit fee of $21. What was the total cost of the card to Dee in August.?
$122.85
400
A written promise to repay money borrowed from a lender
Promissory Note
400
Cora Fear borrowed $1,500 for 18 months from her bank. Cora signed a promissory note that carried 15% interest. Find the amount of interest Cora must pay. Then find the amount she must repay to her bank on the due date.
Interest- $337.50 Total- $1,837.50
400
Find the due date of a 4-month note dated February 6.
June 6th
400
Rita Mercado has a 12-month, $1,800 Rule of 78 installment loan with a total finance charge of $378. The monthly installment payments were $181.50. She repays the loan at the end of 3 months. The Finance Charge Refund Schedule shows that 57.69% of the finance charge should be refunded. How much will Rita pay to the bank?
$1,581.93
400
Levy Bell’s credit card has an APR of 21% figured on the previous balance. The previous balance on Levy’s credit card statement for February was $268.18. During February, he had new purchases and fees of $147.29, and payments and credits of $100. What is his finance charge for February and his new balance?
Finance Charge= $4.69 New Balance= $320.16
500
The part of the price that is paid at the time of buying on the installment plan
Down payment
500
Ted Nash must pay $1,600 in interest on a promissory note for $40,000 due 4 months from the date of the note. Find the rate of interest he will pay.
4%
500
Chao-cheng Su discounted her $2,900, 3-month, noninterest-bearing note ate 12% at her bank. Find the proceeds of the note.
$87
500
Don Crawitz borrowed $780 on a loan with a finance charge of $68. Find the finance charge per $100 of the amount financed.
$8.72
500
Mary Kelly borrowed $380 for 20 days from her credit card company using a cash advance. The card company charged her a cash advance fee of $20 and daily periodic rate of 0.044%. What was the finance charge on her loan?
$23.34