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    8.3 Installment Loans - Monthly Payment and Finance Charge Worksheet

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    The document provides information about installment loans including purpose, APR, term, amount financed, monthly payment, total repaid, and finance charge. It includes examples of loans taken out for remodeling a home, purchasing a swimming pool, buying a used car, and auto repairs. The examples calculate finance charges for different loan amounts, down payments, APRs, and terms.

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    8.3 Installment Loans - Monthly Payment and Finance Charge Worksheet

    Uploaded by

    api-593931076
    420 views2 pages
    The document provides information about installment loans including purpose, APR, term, amount financed, monthly payment, total repaid, and finance charge. It includes examples of loans taken out for remodeling a home, purchasing a swimming pool, buying a used car, and auto repairs. The examples calculate finance charges for different loan amounts, down payments, APRs, and terms.

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    The document provides information about installment loans including purpose, APR, term, amount financed, monthly payment, total repaid, and finance charge. It includes examples of loans taken out for remodeling a home, purchasing a swimming pool, buying a used car, and auto repairs. The examples calculate finance charges for different loan amounts, down payments, APRs, and terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    420 views2 pages

    8.3 Installment Loans - Monthly Payment and Finance Charge Worksheet

    Uploaded by

    api-593931076
    The document provides information about installment loans including purpose, APR, term, amount financed, monthly payment, total repaid, and finance charge. It includes examples of loans taken out for remodeling a home, purchasing a swimming pool, buying a used car, and auto repairs. The examples calculate finance charges for different loan amounts, down payments, APRs, and terms.

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    8.

    3 Installment Loans - Monthly Payment and Finance Charge


    Worksheet

    Purpose APR Term Table Amount Monthly Total Finance


    (Months) Value Financed Payment Repaid Charge

    Rotary 8% 6 $2,000
    Cutter

    Gator 10% 36 $37,000

    Baler 12% 24 $54,000

    Utility 7% 12 $27,000
    tractor

    1. Matthew Haddad wanted to remodel the dining room in their home. The
    estimated cost for the job is $6,890. He paid 30% of the cost up front and
    financed the rest at 12% APR for 48 months. Calculate the finance charge.

    2. John Cena purchased a $5,200 swimming pool. The down payment is 15%, and
    the installment loan has an APR of 10% for 24 months. What is the finance
    charge?
    3. Mr. K purchased a $8,567 used car. The down payment is 20%, and the
    installment loan has an APR of 12% for 6 months. What is the finance
    charge?

    4. Ann Nguyen would like an installment loan for $5,000. Her bank will loan her
    the money at 12% for 18 months. Her insurance company will loan her the
    money at 12% for 24 months. Which loan would cost her less?

    5. Anika Brehm needs to take out an installment loan of $1,200 to pay for auto
    repairs. Walton Savings and Loan will lend her the money at 9% for 12
    months. Horton Finance Company will lend her the money at 12% for 24
    months. How much will she save by taking the loan with the lower finance
    charge?

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