Math Mod Unit 7 Practice Test
_____ are a percentage of the total principal of a loan, paid up front to the lender.
- ANS - points
\_____ is the value of property over the amount on a mortgage. - ANS - equity
\__________ is a price decrease from an original price of an item. - ANS -
markdown
\__________ is a price increase above the original price of an item. - ANS -
markup
\A __________ store is one that sells goods to consumers. - ANS - retail
\A __________ store is one that sells goods to other stores for resale. - ANS -
wholesale
\A contract for the use of property during a specified period in exchange for rent
is called a(n) _____. - ANS - lease
\A contract under which a person borrows money to buy property is called a(n)
__________. - ANS - mortgage
\A new car is for lease for $192 per month for 36 months, with a down payment of
$358. The lease allows for 12,000 miles per year and includes a $0.29 per mile
charge for miles driven in excess of that amount. At the end of the lease, the car
has been driven a total of 45,425 miles. What is the cost for three years for this
vehicle? - ANS - $10,033.25
\A new car is for lease for $249 per month for 24 months, with a down payment of
$1,058. What is the cost for this vehicle? - ANS - $7,034
\A payment required by a landlord from a tenant to cover the cost of any repairs
or damages is called a(n) _______________. - ANS - security deposit
\A(n) __________ is a person, company, or bank that lends the money for the
purchase of a vehicle. - ANS - lien holder
\A(n) __________ is an amount returned after purchase or deducted from the
purchase price. - ANS - rebate
\A(n) __________ table shows a monthly breakdown of how much of a payment
goes toward interest, how much goes toward escrow, and how much is paid on
the principal loan. - ANS - amortization
\Alan borrowed $570 for a new bed. He made 9 monthly payments to repay the
loan. He paid $45 interest. What is his simple interest rate? - ANS - 10.5%
\Dave paid off a loan with a simple interest rate of 7.7% in 6 months. What was the
APR? - ANS - 13.2%
\Edward borrowed $475 for a new TV stand. He will make 10 monthly payments of
$57 to repay the loan. How much will he pay in interest? - ANS - $95
_____ are a percentage of the total principal of a loan, paid up front to the lender.
- ANS - points
\_____ is the value of property over the amount on a mortgage. - ANS - equity
\__________ is a price decrease from an original price of an item. - ANS -
markdown
\__________ is a price increase above the original price of an item. - ANS -
markup
\A __________ store is one that sells goods to consumers. - ANS - retail
\A __________ store is one that sells goods to other stores for resale. - ANS -
wholesale
\A contract for the use of property during a specified period in exchange for rent
is called a(n) _____. - ANS - lease
\A contract under which a person borrows money to buy property is called a(n)
__________. - ANS - mortgage
\A new car is for lease for $192 per month for 36 months, with a down payment of
$358. The lease allows for 12,000 miles per year and includes a $0.29 per mile
charge for miles driven in excess of that amount. At the end of the lease, the car
has been driven a total of 45,425 miles. What is the cost for three years for this
vehicle? - ANS - $10,033.25
\A new car is for lease for $249 per month for 24 months, with a down payment of
$1,058. What is the cost for this vehicle? - ANS - $7,034
\A payment required by a landlord from a tenant to cover the cost of any repairs
or damages is called a(n) _______________. - ANS - security deposit
\A(n) __________ is a person, company, or bank that lends the money for the
purchase of a vehicle. - ANS - lien holder
\A(n) __________ is an amount returned after purchase or deducted from the
purchase price. - ANS - rebate
\A(n) __________ table shows a monthly breakdown of how much of a payment
goes toward interest, how much goes toward escrow, and how much is paid on
the principal loan. - ANS - amortization
\Alan borrowed $570 for a new bed. He made 9 monthly payments to repay the
loan. He paid $45 interest. What is his simple interest rate? - ANS - 10.5%
\Dave paid off a loan with a simple interest rate of 7.7% in 6 months. What was the
APR? - ANS - 13.2%
\Edward borrowed $475 for a new TV stand. He will make 10 monthly payments of
$57 to repay the loan. How much will he pay in interest? - ANS - $95
