Business and finance help with a multiple choice question in credit and loan wk4 (1-10)

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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.

    $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%?

    1.46%

    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.

    $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.

    $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.

    $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.

    $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.

    $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.

    $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

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