Mortgage
Steve wants to buy a house for $300,000 with a down payment of $40,000. If his loan term is 20 years with an interest rate of 6.932%, what will his monthly payment be?
$2,269
If your credit card payment is $5,000 with an interest rate of 20.4%, about how much would you have to pay per month to pay off your card in 2 years?
$255
With a loan amount of $5,000, a term of 5 years, and interest rate of 6.5%, how much will you be paying each month?
$ 97.83
The original sum of money that's borrowed in a loan or placed into an investment.
Principal
Something that allows a holder to purchase goods or services on credit.
Credit Card
If the price of a house is $865,000 with a fixed interest rate of 6.221%, down payment of $150,000, and an average monthly payment of $8,653, what will the loan term length be?
10 Years.
Your credit card payment is $2,500. Your interest rate is 22.8%. If you wish to pay $95 a month, how long, in months, will it take to pay off?
37 months
With a loan amount of $3,000, an interest rate of 5.5%, and monthly payments of $32.56, how long will it take you to pay off the loan?
10 years.
The percentage of the loan amount charged for borrowing money
Interest Rate
You have a loan of $3000, a term of 5 years, and 0% interest rate, how much will you be paying a month?
$50
With a home price of $495,000, down payment of $65,000, loan term of 15 years, and interest rate of 5.5%, how much would the home owner pay in interest?
$202,423
Your credit card balance is $1,200 and the annual interest rate is 18%. If you make fixed monthly payments of $100, how long will it take to pay off the card?
14 Months.
Your loan amount is $1000, your term length is 1 year, and your interest rate is 1%, what is your total interest payed?
$5.42
A type of loan that requires the borrower to make scheduled, periodic payments that are applied to both the principal and interest.
Amortized Loan
You have a credt card balance of $4,500 with an APR of 20%. You want to pay $150 per month. How many months will it take to fully pay off the debt?
42 months
A house costs $575,000. If the buyer has a loan term of 20 years and a 4.75% interest rate. What should the down payment be to get a monthly payment of $3650?
$79,000
You owe $3,000 on a credit card with a 24% APR. You can afford to pay a max of $90 per month. How many months will it take to pay off the card?
56 Months.
If you have a loan amount of $10,400, a term length of 7.5 years, and monthly payments of $133.95, what is your interest rate?
4%
The total length of time it takes for the loan to be fully repaid
Term
Your loan amount is $22,450. The term of your loan is 8 years and you have an interest rate of 6.5%. By how much will your total interest decrease if you reduce your term to 6 years?
$1678.44
What is the price of a house if you have a down payment of $50,000, a loan term of 30 years, interest rate of 6.964, and a monthly payment of $4,252
$620,000
You have $6,000 in credit card debt at an APR of 29.99%. You can only afford $110 per month to pay for it. How many years and months will it take you to pay off this debt?
You won't pay it off.
With a term length of 5 years, monthly payments of $18.65, and interest rate of 3.5%, what is the loan amount?
$1,025
The total cost of borrowing, including interest and other fees.
APR
You plan to pay for $635,500 house with a down payment of 27.5%, loan term of 20 years, and average monthly payment of $4,056. If you wish to decrease your monthly payment to $3,919, how much will your new interest rate be?
6.5%