Question 1

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.(Show all work.)

Accepted Answer

The answer of Calculate the finance charge and the monthly...

Question 2

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-About [25% | 33%] of student loans are past due.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 3

Jamil is purchasing a new truck for $30,000.Jamil is making a $2,000 down payment,and he will make 60 monthly payments of $541 each.What are the total finance costs on this loan?

Accepted Answer

The answer of Jamil is purchasing a new truck for...

Question 4

Jamie is going to buy some furniture with a single-payment loan that is discounted.The loan will be for $5,000 for 2 years at 10% interest.Calculate the APR on this loan.(Show all work.)

Accepted Answer

The answer of Jamie is going to buy some furniture...

Question 5

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-[Public lenders | private lenders] of student loans are more flexible in providing financial relief when borrowers are under pressure.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 6

Calculate the average percentage rate (APR)for an add-on loan with 36 monthly installments.The principal is $4,000; the stated interest rate is 6%.(Show all work.)

Accepted Answer

The answer of Calculate the average percentage rate (APR)for an...

Question 7

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-There are now about [$5.3 billion | $1.2 trillion] in student loans outstanding.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 8

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Students borrowing to pay for college should base the amount borrowed on [current income | expected future salary].

Accepted Answer

The answer of Choose the word or phrase in [...

Quiz 7: Using Consumer Loans

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.(Show all work.)

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -About [25% | 33%] of student loans are past due.

Jamil is purchasing a new truck for $30,000.Jamil is making a $2,000 down payment,and he will make 60 monthly payments of $541 each.What are the total finance costs on this loan?

Jamie is going to buy some furniture with a single-payment loan that is discounted.The loan will be for $5,000 for 2 years at 10% interest.Calculate the APR on this loan.(Show all work.)

Calculate the average percentage rate (APR)for an add-on loan with 36 monthly installments.The principal is $4,000; the stated interest rate is 6%.(Show all work.)

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -There are now about [$5.3 billion | $1.2 trillion] in student loans outstanding.