Need Math Help 7 Questions 10 Points Fast!!?

1. If Ned Nasaltone borrows $1,500 at 5% interest and pays it back in 24 monthly payments of $65.81, what is the total cost of the loan?
A. $1,579.44
B. $1,729.21
C. $1,842.95
D. $2,001.25
2. Which of the following is NOT a good reason for using credit?
A. To purchase large needed items for which you need to pay off in payments
B. To keep the economy moving
C. To keep the economy growing
D. To have money to buy anything you want
3. Money loaned for the purpose of earning a share of the profits is called what?
A. A personal loan
B. Expansion loan
C. Money market
D. Venture capital
4. Which statement is incorrect?
A. The higher the borrowed amount, the higher the monthly payment
B. The higher the discount, the higher the monthly payment
C. The higher the interest rate, the higher the monthly payment
D. The longer the payback time, the higher the monthly payment
5. Which statement is incorrect?
A. The higher the borrowed amount, the more costly the loan
B. The higher the interest rate, the more costly the loan
C. The longer the payback time, the more costly the loan
D. The younger the borrower, the more costly the loan
6. The total cost of a loan is equal to the number of monthly payments times what?
A. The original borrowed amount
B. The average times the Gross Domestic Product
C. The amount of the monthly payment
D. The borrowed amount divided by the number of payments
7. What type of interest is usually charged on an installment loan so that the lender can make some earnings from your use of their money?
A. Competitive interest
B. Compound interest
C. Double interest
D. Simple interest

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews