exam questions MMM - Math Money Management Semester I Final...

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Math Money Management Semester I Final Exam Calculates the finance charge and monthly payment on an installment plan Use the table to answer the following questions. MONTHLY PAYMENT ON A $100 LOAN Term in Months Annual Percentage Rate 10% 12% 15% 18% 6 $17.16 $17.25 $17.40 $17.55 12 8.79 8.88 9.03 9.17 18 6.01 6.10 6.24 6.38 24 4.61 4.71 4.85 4.99 30 3.78 3.87 4.02 4.16 36 3.23 3.32 3.47 3.62 1. Laura obtained an installment loan of $2250 to buy a computer. She agreed to repay the loan in 18 monthly payments at an APR of 18%. What is the finance charge? A. $143.55 B. $333.90 C. $405.00 D. $147.50 ANSWER: B 2. Andrew is purchasing a new lawn mower for $752 with an installment loan that has an APR of 15% for 12 months. What would his monthly payment be? A. $67.91 B. $62.67 C. $72.07 D. $65.95 ANSWER: A Math Money Management 27.0530001- p.1
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Computes interest and service charge for various types of loans 1. Jerry obtained a single-payment loan of $500 for repairs on his car. He agreed to pay
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.

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exam questions MMM - Math Money Management Semester I Final...

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