QUESTION 1
1.Choose the one alternative that best completes the statement or answers the question. Solve the problem.
Find the installment price of a table bought on the installment plan with a down payment of $30 and 6 payments of $51.12.
$366.72
$30
$336.72
$306.72
10 points
QUESTION 2
1.Find the monthly interest rate.
What is the monthly interest rate if an annual rate is 17.5%?
1.4%
1.46%
16.5%
14.58%
10 points
QUESTION 3
1.Solve the problem.
Find the amount financed on a TV with a cash price $430.00 and a down payment of $86.00.
$429.80
$86.00
$344.00
$430.00
10 points
QUESTION 4
1.Solve the problem.
Find the amount financed if a $25 down payment is made on a camera with a cash price of $260.
$235
$25
$260
$315.86
10 points
QUESTION 5
1.Solve the problem.
Find the installment price of a laptop computer bought on the installment plan with $90 down and 36 payments of $33.05.
$90
$1279.80
$939.99
$1189.80
10 points
QUESTION 6
1.Solve the problem.
A mountain bike has a cash price of $690.00. Eric purchases the bike by making a down payment of $69.00 and 24 payments of $38.74. Find the finance charge.
$621.00
$308.76
$69.00
$310.50
10 points
QUESTION 7
1.Solve the problem.
The installment price of a watch is $310.74 with 6 monthly payments and a down payment of $30. Find the monthly payment.
$280.74
$16.74
$19.26
$46.79
10 points
QUESTION 8
1.Solve the problem.
The installment price of a food processor is $379.48 with 18 monthly payments and a down payment of $40. Find the monthly payment.
$18.86
$39.48
$339.48
$0.52
10 points
QUESTION 9
1.Find the monthly mortgage payment.
$402.39
$481.63
$410.82
$346.19
10 points
QUESTION 10
1.Solve the problem.
Sarah Fields wants to borrow $121,000 at 6.5% to buy a house. How much interest would she save by going with a 15-year mortgage over a 25-year mortgage?
$55,321.20
$68,752.20
$168,940.20
$85,595.40
10 points
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