Quiz Review What is the monthly periodic rate if a loan has an APR of 15% Barry needed to borrow $12,000 to purchase a used car. The bank said he would.

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Presentation transcript:

Quiz Review What is the monthly periodic rate if a loan has an APR of 15% Barry needed to borrow $12,000 to purchase a used car. The bank said he would get a 5.8% credit rate. How many years would the loan have to be in order to keep his payment under $250?

Quiz Review Alexis buys a $1,100 MacBook using an installment plan. She pays 15% down and $100 per month for 12 months A) How much is the down payment? B) What is the total of monthly payments? C) What is Alexis’ total cost? D) How much were the finance charges?

Quiz Review Best Buy has a promotion for no interest if paid in full in 2 years. Eric buys a TV for $1,230. A) If Eric pays the minimum payment of $25 per month, how much does he have to pay in the 24th month to avoid interest charges? B) If Eric wanted to pay equal payments for 2 years, how much would he pay a month?

Quiz Review Randall needs to borrow $22,500 to buy a new car. If he got a 4-year loan at 4.8%, what would his monthly payment?

Quiz Review – Use the table What is the monthly payment for a $4,600 3-year loan at 8.25%? What is the monthly payment for a $57,000 10-year loan at 7%? What is the finance charge for a $9,500 5-year loan at 9.75%?