1. On January 1, Kenneth borrows $5600 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $258.41. How much of Kenneths first loan payment on February 1 would be principal? (Round answers to 2 decimal places, e.g. 52.75.)

$213.51

$211.74

$289.08

$252.06

2.What is the key variable in negotiating an auto loan?

Maintenance schedule.

Lowest interest rate possible.

Length of the loan.

Payment.

3.William wants to purchase a car. He reviewed his budget and can comfortably afford a car payment of $320 per month. He has good credit and anticipated being able to secure a 5-year loan at 5% interest. What is the maximum cost he should pay for a car to stay within his budgeted monthly amount?

$13631.

$16940.

$14806.

$13666.

4. It's June and Anthonys credit card has a balance of $3100. The minimum payment due is $124. The APR is 21.17%. How much interest will he pay this month?

$57.54

$58.84

$53.94

$56.94