Calculate the monthly payment for a $10,000 auto loan over three years at 5% annual interest.
Use the formula,
P=Ar (1+r) ^n (1+r) ^n-1
where A is the amount to finance, r is the monthly interest rate, and n is the number of months to pay.
A.
$241.73
B.
$299.71
C.
$353.48
D.
$397.42
What is the term for the amount of money that the insured pays the insurance company each month?
A.
finder's fee
B.
premium
C.
rent
D.
taxes
What is true in general about higher deductible amounts?
A.
Higher deductible amounts are taxable.
B.
Higher deductible amounts result in less money.
C.
The insurance is more greatly needed.
D.
The premiums are lower.
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