Joplin Business Department
Name:Date:CHAPTER 10Personal Loans and Purchasing DecisionsMATH CHECK UPInstructions: In the space provided, answer each of the following math problems. Be sure to show your work in the space provided and highlight ALL answers.1. If Naghia borrows $4,000 to buy a vehicle and her payment is $125.35 a month for 36months, how much will she pay in interest over the life of the loan?2. If Chu takes out an unsubsidized personal loan of $3,000 at 7 percent interest, which hedoes not have to begin repaying for 12 months, how much will the total amount of theloan be when he begins repayment?3. Emilia lost $4,000 in personal belongings due to a flood at her apartment complex.Fortunately, she had renter’s insurance with a $500 deductible. How much would shereceive from the insurance company if her maximum coverage was $10,000?4. Jamal wants to know how much he will be required to put down on a house that willcost $150,000 if the lender requires a 15 percent down payment.5. Destiny needs to save a 20 percent down payment for a car she wants to buy. She knowscars of this make and year model tend to sell for about $6,000. How much will she needto save? ................
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