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

### 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