Fill in the Blank
Total Amount Repaid - Amount Financed =
__________ Charge
Finance
Interest on a loan calculated by basing the time of the loan on a 365- day year.
Exact Interest
Carlito wants to buy a new car. The bank lends him $12,000 at 8% interest for 48 months. If his monthly payment is $257.21, what is the new balance after the first payment?
$11,822.79
You take out a $6,500 loan at 8% APR for 36 months. The monthly payment is $203.87. How much did you pay back in interest?
$839.32
What does this formula calculate?
P x R x T = ?
Interest
The amount you must repay on a loan, including interest and principal is its ______ value.
Maturity
Promise to pay a certain amount on a certain date
Promissory Notes
Sarah wants to buy a house. The bank lends her $150,000 at 5% interest for 240 months. If her monthly payment is $1,036.15, what is the new balance after the first payment?
$149,588.85
You borrow $8,000 at 10% APR for 48 months The monthly payment is $202.28. How much did you pay back in interest?
$1,709.44
What does this formula calculate?
Principal + Interest Owed = ?
Maturity Value
repayment
A portion of the cash price of the item you are purchasing.
Down Payment
Jessica takes out a loan for $5,000 at 9% interest for 24 months. If her monthly payment is $234.59, what is the new balance after the first payment?
$4,802.91
You borrow $3,000 at 15% APR for 36 months. The monthly payment is $117.92. How much did you pay back in interest?
$1,245.12
What does this formula calculate?
Total Amount of Item x Percentage of Cash Price = ?
Down Payment
The ____ of a loan is the time for which it has been granted.
Term
The portion of the cash price that you owe after making the down payment.
Amount Financed
Tom wants to buy a boat. He borrows $18,500 at 7% interest for 60 months. If his monthly payment is $366.08, what is the new balance after the first payment?
$18,241.84
You take out a $5,200 loan at 9% APR or 60 months. The monthly payment is $106.55. How much did you pay back in interest?
$1,193
What does this formula calculate?
Number of Payments x Monthly Payments = ?
Total Amount Repaid
A loan that you repay with on e payment at the end of a specified period of time is a(n) ____ loan.
Single-Payment
Shows the distribution of interest and principal of the life of the loan.
Repayment Schedule
Maya borrows $9,000 for 36 months at 10% interest. If her monthly payment is $291.44, what is the new balance after the first payment?
$8,783.56
You borrow $10,000 at 7% APR for 24 months. The monthly payment is $461.09. How much did you pay back in interest?
$1,066.16
What does this formula calculate?
Total Amount Repaid - Amount Financed = ?
Finance Charge