1

1. What is your monthly payment for a 5-year loan @6%annual percentage rate (APR)?
2. 1.$624
3. 2.$694
4. 3.$462
5. 4.$387

0.25 points

QUESTION 2

1. What is your payment if you decrease the term of your loan to 3 years?
2. 1.$608
3. 2.$396
4. 3.$694
5. 4.$462

0.25 points

QUESTION 3

1. You find that you can get 12%APR.What is the monthly payment for a 5-year loan?
2. 1.$396
3. 2.$694
4. 3.$624
5. 4.$445

0.25 points

QUESTION 4

1. What is your monthly payment for a 3-year loan @12%APR?
2. 1.$624
3. 2.$664
4. 3.$462
5. 4.$396

0.25 points

QUESTION 5

1. How much in total will you pay for the car over a 5-year term @6%APR?
2. 1.$27,447
3. 2.$28,199
4. 3.$32,741
5. 4.$29,981

0.25 points

QUESTION 6

1. How much in total will you pay for the car over a 3-year term @6%APR?
2. 1.$26,904
3. 2.$29,981
4. 3.$32,741
5. 4.$28,740

0.25 points

QUESTION 7

1. How much in total will you pay for the car over a 5-year term @12%APR?
2. 1.$29,981
3. 2.$31,693
4. 3.$28,740
5. 4.$27,447

0.25 points

QUESTION 8

1. How much in total will you pay for the car over a 3-year term @12%APR?
2. 1.$28,740
3. 2.$28,914
4. 3.$27,447
5. 4.$32,741

0.25 points

QUESTION 9

1. What the percentage dividing your answer to Question 6by the purchase price?
2. 1.110%
3. 2.131%
4. 3.113%
5. 4.120%

0.25 points

QUESTION 10

1. What is the percentage dividing your answer to Question 7by the purchase price?
2. 1.115%
3. 2.131%
4. 3.108%
5. 4.120%

0.25 points

QUESTION 11

1. What the percentage dividing your answer to Question 8by the purchase price?
2. 1.127%
3. 2.110%
4. 3.120%
5. 4.115%

0.25 points

QUESTION 12

1. What is the percentage dividing your answer to Question 9by the purchase price?
2. 1.110%
3. 2.115%
4. 3.116%
5. 4.131%

0.25 points

QUESTION 13

1. You find a 3-year lease for the same car that is $399per month for 3years with a $2500down payment at the time of signing.
2. What are your total payments over the 3 years?
3. 1.$15,548
4. 2.$11,864
5. 3.$16,864
6. 4.$14,364

0.25 points

QUESTION 14

1. The dealer offers you a buyout at the end of the lease for $10,000.Is that a good deal mathematically?
2. True
3. False

0.25 points

QUESTION 15

1. A friend tells you about a dealer that sells certified used cars.You find the same model car that is nearly identical,but it is 1year old.It has 12,000miles on the odometer and no history of damage.It has been well maintained and has 48,000miles remaining on the factory warranty.The firm fixed price is $18,000with a 20%down payment required.The only annual percentage rate available is 12%.
2. What is your monthly payment for a 5-year loan?
3. 1.$598
4. 2.$478
5. 3.$400
6. 4.$320

0.25 points

QUESTION 16

1. What is your monthly payment for a 3-year loan?
2. 1.$478
3. 2.$598
4. 3.$320
5. 4.$400

0.25 points

QUESTION 17

1. What is your total payment over 5 years?
2. 1.$22,819
3. 2.$19,219
4. 3.$17,218
5. 4.$23,574

0.25 points

QUESTION 18

1. What is total payment over 3years?
2. 1.$19,219
3. 2.$22,819
4. 3.$20,818
5. 4.$17,218

0.25 points

QUESTION 19

1. How much do you save by paying for the used car over 3years instead of 5?
2. 1.$2,001
3. 2.$2,153
4. 3.$2,073
5. 4.$1,987

0.25 points

QUESTION 20

1. How much do you save paying for the used car over 3 years compared to the new car over 5 years @ 6% APR?
2. 1.$7,381
3. 2.$8,327
4. 3.$7,921
5. 4.$7,153

0.25 points