Consumer Math Name: Quiz Short Review 8.4-8.5 Date: SHOW ALL WORK!!!!! 1. Dan Williams took out a simple interest loan at 14.5 percent interest for 12 months. His previous balance is $119.42. What is the final payment if the loan is paid off with the next payment? 119.42 * .0145 x1 = 121.15 balance int. #remaing installment. 2. Carl Lock took out a simple interest loan at 12.75 percent interest for 12 months. His previous balance is $942.36. What is his final payment if the loan is paid off with the next payment? 942.36 X 1.01275 - 954.375 time remaining 3. Christina Fox took out a simple interest loan at 5 percent interest for 12 months. Her previous balance is $200. What is her final payment if the loan is paid off with the next payment? (38 200 x 1.05 = 210 4. Anthony Frank took out a simple interest loan at 11.75 percent for 6 months. His previous balance is $3,333.12. What is the interest for the next payment? 5. Gilbert Siegel obtained a $1,500 loan at an interest rate of 10 percent. The monthly payment is $131.85. How much of the first monthly payment is for principal? 5. Miryam Ghorashy obtained a $1,500 loan at an interest rate of 10 percent. The monthly payment is $131.85. What is the new principal after the first payment