Loan payments Quiz

Name: ______________________   Date: __________   Score: ____ / 10

10 questions. Calculator allowed. Show your working. steplyclass.com/algebra-2/loan-payments/quiz/

1. 1

   A car loan of $15,000 at 6% for 5 years is paid monthly. Find the monthly payment.
   1. A) PMT = $250
   2. B) PMT = $6
   3. C) PMT = $0.0612
   4. D) PMT = $290.00

2. 2

   A loan of $5,000 at 12% for 2 years is paid monthly. Find the monthly payment.

   Answer: ____________________

3. 3

   A loan of $8,000 at 9% for 3 years is paid monthly. Find the monthly payment.
   1. A) $222.222222
   2. B) PMT = $254.40
   3. C) PMT = $0.0912
   4. D) PMT = $9

4. 4

   A student loan of $12,000 at 4.8% for 10 years is paid monthly. Find the monthly payment.

   Answer: ____________________

5. 5

   A home loan of $150,000 at 4.5% for 30 years is paid monthly. Find the monthly payment.
   1. A) PMT = $0.04512
   2. B) PMT = $4.5
   3. C) PMT = $760.03
   4. D) $416.666667

6. 6

   A personal loan of $6,000 at 10.2% for 3 years is paid monthly. Find the monthly payment.

   Answer: ____________________

7. 7

   A loan of $3,600 at 15% for 2 years is paid monthly. Find the monthly payment.
   1. A) PMT = $0.1512
   2. B) PMT = $150
   3. C) PMT = $174.56
   4. D) PMT = $15

8. 8

   A car loan of $15,000 at 6% for 5 years is paid monthly. Find the monthly payment and the total interest.

   Answer: ____________________

9. 9

   A mortgage of $120,000 at 4.8% for 25 years is paid monthly. Find the monthly payment and the total interest.
   1. A) PMT = $400
   2. B) PMT = $687.60
   3. C) PMT = $4.8
   4. D) PMT = $0.04812

10. 10

    A car loan of $22,000 at 2.4% for 4 years is paid monthly. Find the monthly payment and the total interest.

    Answer: ____________________