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

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

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