9.02 Quiz: Quiz 1

Amount Financed $9,750 APR 8.9% Years 3 Monthly Payment A Amount to Repay B Finance Charge C Use the tables shown to calculate the value of C.

$1,411.80

The table represents the details of the loan for Damien's new car purchase. What is A? Cost of car $12,720 Down Payment $2,320 Amount Financed A Monthly Payment $277.33 # Months 48 Amount Repaid B Finance Charge C Total Cost D

$10,400.00

Amount Financed $9,750 APR 8.9% Years 3 Monthly Payment A Amount to Repay B Finance Charge C Use the tables shown to calculate the value of B.

$11,161.80

The table represents the details of the loan for Damien's new car purchase. What is B? Cost of car $12,720 Down Payment $2,320 Amount Financed A Monthly Payment $277.33 # Months 48 Amount Repaid B Finance Charge C Total Cost D

$13,311.84

What is the total cost of an item bought at a negotiated price of $15,640 and a $2,500 trade-in allowance? The sales tax is 7.2 percent sales tax with an $86 registration fee.

$14,352.08

The table represents the details of the loan for Damien's new car purchase. What is D? Cost of car $12,720 Down Payment $2,320 Amount Financed A Monthly Payment $277.33 # Months 48 Amount Repaid B Finance Charge C Total Cost D

$15,631.84

What is the sticker price for a vehicle with the following features and costs: suggested retail price of $13,760, destination charge of $475, equipped with AC, cruise control, and a custom sound system for $800, $235, and $490, respectively?

$15,760

What is the total cost of an item bought at a negotiated price of $17,250 with 7.7 percent sales tax and a $95 registration fee?

$18,673.25

The table represents the details of the loan for Damien's new car purchase. What is C? Cost of car $12,720 Down Payment $2,320 Amount Financed A Monthly Payment $277.33 # Months 48 Amount Repaid B Finance Charge C Total Cost D

$2,911.84

What is the monthly payment of a financed amount of $14,452 with an APR of 8.9 percent? The term is for 5 years and the monthly payment per $100 is $2.07.

$299.16

Amount Financed $9,750 APR 8.9% Years 3 Monthly Payment A Amount to Repay B Finance Charge C Use the tables shown to calculate the value of A.

$310.05

Which things are good to do when trying to negotiate a good car deal on a used car? Choose all that apply.

- Check under the hood - Run an Internet check on the vehicle identification number (VIN) - Listen for noises when test driving

Use the tables shown to answer the question. You are considering these two loans for a car. Which loan has the lowest payment? Loan A $16,810 6.9% 5 years Loan B $16,810 8.9% 3 years

A

Which of the following should be considered when deciding on a loan?

All of these (the lowest finance charge, the fastest payoff, the most affordable monthly payment)

Does the sticker shown list an automatic or manual transmission?

Automatic

Use the tables shown to answer the question. Which loan will cost the least to repay? Loan A $16,810 6.9% 5 years Loan B $16,810 8.9% 3 years

B

Is this statement true or false? The sticker price is the price you must pay for the vehicle.

False

Is this statement true or false? When you are looking at used cars, you should only look at local lots and newspapers.

False

Which of the following items would NOT appear on the sticker on a new automobile?

The factory it was made in

Is this statement true or false? An automobile with an automatic transmission does not have a clutch pedal to change gears while driving.

True

Is this statement true or false? It is a good idea to look at various sources to find a reasonable price to offer for a car.

True

Is this statement true or false? You can use car defects to ask for a lower price.

True

Is this statement true or false? You may ask to see maintenance records on a car.

True