QUESTION 1

1. (In-class example) Mary bought a stove for $460. She made a down payment of $60 and paid $42 a month for 10 months. Find the total installment price of the stove. Total Installment Price = $

4 points

QUESTION 2

1. Martin bought a wide screen television for $1,720. He made a down payment of 15% and paid the balance over 18 months. The finance charge was 4% of the amount financed. Find the down payment and the installment price of the television and the monthly payment. Down Payment = $

   Total Installment Price = $

   Monthly Payment = $

4 points

QUESTION 3

1. Mary bought a new Apple Watch for $845.00. She made a down payment of $95 and financed the rest with six monthly payments of $128.75. Find the total installment price.

   Installment Price = $

4 points

QUESTION 4

1. Howard bought a dish washer for $550. He made a down payment of $75 and paid the balance off in 12 monthly payments. Find the monthly payment if the interest rate was 11%.

   Monthly Payment = $

4 points

QUESTION 5

1. Purchase price including taxes and fees: $22,152.37; down payment: $6,300; payments: $312.15 for 60 months.

   Find the following:

   Amount Financed = $

   Total Installment Price = $

   Finance Charge = $

4 points

QUESTION 6

1. Purchase price: $6,052; sales tax: 8%; license and title fees: $260; down payment: $1,500; payments: $180.10 for 36 months.

   Find the following:

   Amount Financed = $

   Total Installment Price = $

   Finance Charge = $

4 points

QUESTION 7

1. Purchase price: $20,600; sales tax 4.5%; license and title fees: $304; money credited for trade-in (subtracted from price of vehicle before taxes): $3,600; payments: $371.48 for 60 months.

   Find the following:

   Amount Financed = $

   Total Installment Price = $

   Finance Charge = $

4 points

QUESTION 8

1. Jennifer bought a new Ford Focus for $14,400. She made a down payment of $4,000 and made monthly payments of $319 for 3 years. Find the APR. (Round to the nearest whole percentage on the table)

   APR = %

   

4 points

QUESTION 9

1. Hector bought his wife a turquoise bracelet, earrings, and pendant for her birthday. He paid $1,125 for the set and had a down payment of $175. He paid the balance with 12 monthly payments of $84. Find the APR. (Round to the nearest whole percentage on the table)

   APR = %

   

4 points

QUESTION 10

1. Mary bought a preowned Corvette for $27,900.00. She made a down payment of $8,000.00 and financed the rest over 5 years with monthly payments of $389.50. Find the APR. (Round to the nearest percent on the table)

   APR = %

   

4 points

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