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- 1. Multiple ChoicePurchasing a car on a loan through the bank or dealership is called:franchisingfinancingamortizingloaning
- 2. Multiple ChoiceBrenda's bank offers car financing for 3, 4, or 5 years. If Brenda chooses 5-year financing, how many monthly payments will she have?60483612
- 3. Multiple ChoiceIn the monthly payment formula, what value would you put for r if the interest rate is 5.4%?.00545.4.45.0045
- 4. Multiple ChoiceWhat would the monthly payment be on a purchase of a $10,000 car at 5.9% for 4 years?$239.34$234.39$212.50$250.00
- 5. Multiple ChoiceWhat would happen to a monthly payment if the interest rate increased?The payment would go up.The payment would go down.The payment would remain the same.None of the above.
- 6. Multiple ChoiceWhich of the following has no effect on the monthly payment?Interest RateDown PaymentNumbers of months the car is expected to be financedLength of buyer's driving record
- 7. Multiple ChoiceJaclyn has decided to purchase an $11,000 car. She pans on putting $1000 down towrd the purchase, and financing the rest at 4.8% interest rate for 3 years. Find her monthly payment.$226.54$236.89$204.78$298.81
- 8. Multiple ChoiceAn increase in which of the following will decrease the monthly payment?Interest rateDown paymentPrincipalNone of the Above
- 9. Multiple ChoiceOmar has decided to purchase a $11,000 car. He plans on putting 20% down toward the purchase, and financing the rest at 4.8% interest rate for 3 years. Find his monthly payment.$262.95$236.89$204.78$298.81
- 10. Multiple ChoiceIf you put down 20% on a $7000 car and pay monthly payments of $109.40 for 60 months, what is the total price of the car?$7262.95$7236.89$7204.78$7964.00
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