Consumer Math WK 4

Question 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

Question 2

 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%

Question 3

 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

 Question 4

 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

Question 5

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

Question 6

 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

Question 7

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

Question 8

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

Question 9

Find the monthly mortgage payment.

$402.39

$481.63

$410.82

$346.19

Question 10

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