# Test 7 - Mathematical Money Management NAME:_ TEST 7...

This preview shows pages 1–2. Sign up to view the full content.

Mathematical Money Management NAME:______________________________ TEST 7 DATE:__________________PERIOD:____ SHOW ALL WORK. Questions 1-12 are 6 points each. Use the table to answer the questions (1-5) . 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. You need to obtain a loan for \$8500 to buy a car. You must choose from the following financial institutions. Which of the following would be result in the lowest amount of repayment? Bank A offers 10% interest for 18 months Bank B offers 18% interest for 24 months ____________________ Bank C offers 12% interest for 12 months 2. Laura obtained an installment loan of \$1250 to buy a computer. She agreed to repay the loan in 24 monthly payments at an APR of 15%. What is the finance charge? ____________________ 3. Luis purchased a stereo for his car. The stereo cost \$1000. Using the store's credit plan, he made a 25% down payment and used the installment plan to pay the rest. The annual percentage

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

## 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.

### Page1 / 3

Test 7 - Mathematical Money Management NAME:_ TEST 7...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online