College Math Prep. A (2021)
Unit Exam Five with 100%
correct answers 2025
What is collateral? - answer something of value from a borrower to
be sold by a lender if the borrower defaults on a loan
Duane begins paying a $5,000 student loan with an annual interest
rate of 6.5% compounded monthly. He schedules monthly payments
of $118.57 for 4 years.
The following table shows the first payment in the amortization
schedule.
What amount of Duane's first payment goes to interest? - answer
$27.08
Mathis owes $1,400 on his credit card, which has an annual interest
rate of 19.2% compounded monthly. He plans to repay his balance in
12 monthly payments of $129.15, according to the amortization
schedule.
Assuming he makes no credit card purchases while making
payments, how much total interest will Mathis pay in his first 5
monthly payments? - answer $94.64
Renia has a 4-year, $14,250 auto loan with a fixed annual interest
rate of 3.2% compounded monthly.
, Which equation correctly calculates Renia's monthly payment? -
answer M = 14250 x 0.032/12 [1-(1+(0.032)/(12))^(-12 x 4)]
Loretta has a student loan with a 10-year repayment term. The loan
amount is $8,600 with a fixed annual interest rate of 2.9%.
Which equation correctly calculates Loretta's monthly loan
payment? - answer M = 8,600 x 0.029/12[1−(1+0.029/12)^−12 x 10]
Alex takes out a 25-year mortgage of $170,000. The mortgage has a
fixed annual interest rate of 5.1% compounded monthly.
What is Alex's monthly mortgage payment? - answer $1,003.73
Emilee takes out a personal loan of $6,300 to remodel her kitchen
and bathroom. The loan has a 3-year term with a fixed annual
interest rate of 5.2%.
What is Emilee's monthly loan payment? - answer $189.38
Ulrich takes out a $2,200 loan to purchase a new computer. He will
repay the loan in two years at a fixed annual interest rate of 1.4%
compounded monthly. What is Ulrich's monthly loan payment? -
answer $93.01
Ervin has a 25-year mortgage for $196,000. His loan has 2.9%
annual fixed interest compounded monthly.
After Ervin makes all the payments, what is the total cost of his
loan? - answer $275,787.00
Unit Exam Five with 100%
correct answers 2025
What is collateral? - answer something of value from a borrower to
be sold by a lender if the borrower defaults on a loan
Duane begins paying a $5,000 student loan with an annual interest
rate of 6.5% compounded monthly. He schedules monthly payments
of $118.57 for 4 years.
The following table shows the first payment in the amortization
schedule.
What amount of Duane's first payment goes to interest? - answer
$27.08
Mathis owes $1,400 on his credit card, which has an annual interest
rate of 19.2% compounded monthly. He plans to repay his balance in
12 monthly payments of $129.15, according to the amortization
schedule.
Assuming he makes no credit card purchases while making
payments, how much total interest will Mathis pay in his first 5
monthly payments? - answer $94.64
Renia has a 4-year, $14,250 auto loan with a fixed annual interest
rate of 3.2% compounded monthly.
, Which equation correctly calculates Renia's monthly payment? -
answer M = 14250 x 0.032/12 [1-(1+(0.032)/(12))^(-12 x 4)]
Loretta has a student loan with a 10-year repayment term. The loan
amount is $8,600 with a fixed annual interest rate of 2.9%.
Which equation correctly calculates Loretta's monthly loan
payment? - answer M = 8,600 x 0.029/12[1−(1+0.029/12)^−12 x 10]
Alex takes out a 25-year mortgage of $170,000. The mortgage has a
fixed annual interest rate of 5.1% compounded monthly.
What is Alex's monthly mortgage payment? - answer $1,003.73
Emilee takes out a personal loan of $6,300 to remodel her kitchen
and bathroom. The loan has a 3-year term with a fixed annual
interest rate of 5.2%.
What is Emilee's monthly loan payment? - answer $189.38
Ulrich takes out a $2,200 loan to purchase a new computer. He will
repay the loan in two years at a fixed annual interest rate of 1.4%
compounded monthly. What is Ulrich's monthly loan payment? -
answer $93.01
Ervin has a 25-year mortgage for $196,000. His loan has 2.9%
annual fixed interest compounded monthly.
After Ervin makes all the payments, what is the total cost of his
loan? - answer $275,787.00
