# 111.28.B.12.a Loans and Credit

## Quiz by Quizalize - Grade 8 Math

Grade 8

Mathematics

Texas Essential Knowledge and Skills (TEKS)

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10 questions

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- Q1Two customers took out loans from a bank. Kadyn took out a 3-year loan for $5,000 and paid an annual simple interest rate of 5.6%. Landon took out a 4-year loan for $5,000 and paid an annual interest rate of 4.8%. What is the difference between the amounts of interest of that Kadyn and Landon paid for their loans in dollars?120300s8.12.A: Personal Financial Literacy
- Q2Alexis needs a $1400 loan to buy a used car. Which loan option would allow her to pay the least amount of interest?A 24-month loan with a simple interest rate of 3.25%A 30-month loan with a simple interest rate of 3.0%An 18-month loan with a simple interest rate of 3.5%A 36-month loan with a simple interest rate of 2.75%300s8.12.A: Personal Financial Literacy
- Q3Emma is taking out a loan in the amount of $8,000. Her choices for the loan are a 5-year loan at 6% simple interest and a 7-year loan at 5% simple interest. What is the difference in the amount of interest Emma would have to pay for each of these two loans?$400$500$200$300300s8.12.A: Personal Financial Literacy
- Q4Tyler needs $5000 to start up a new business. Which loan option would allow him to pay the least amount of interest on the loan?A 3-year loan at 4% simple interestA 4-year loan at 3% simple interestA 5-year loan at 2.5% interestA 6-year loan at 2.25% interest300s8.12.A: Personal Financial Literacy
- Q5Anthony is taking out a $15000 loan to buy a new boat. What is the total amount of money he will have to pay back if the loan is for 5 years with a simple interest rate of 4.25% in dollars and cents?18187.50300s8.12.A: Personal Financial Literacy
- Q6Harly is borrowing $8500 to buy a motorcycle. She is considering two loans: Loan A: 4 years at 3.5% simple interest Loan B: 5 years at 3.25% simple interest How much money will Harly save if she uses Loan A?$191.25$195.50$170.25$180.75300s8.12.A: Personal Financial Literacy
- Q7Carson needs a $200,000 loan to buy a house. True Savings Bank offers a 15-year loan for 4.5% simple interest. First State Bank offers a 30-year loan for 2.5% simple interest. If Carson wants to pay as little money as possible for the house, which bank should he use to get the loan?True Savings Bank because he would save $15,000 over First State Bank.True Savings Bank because he would save $135,000 over First State Bank.First State Bank because he would save $15,000 over True Savings Bank.First State Bank because he would save $150,000 over True Savings Bank.300s8.12.A: Personal Financial Literacy
- Q8Melanie takes out a $300,000 loan to buy a house. The bank offers her a 30 year loan with a 4.25% simple interest rate. If Melanie makes every payment on time, how much money will Melanie end up paying to the bank at the end of the 30 years?$682,500$654,500$735,500$382,500300s8.12.A: Personal Financial Literacy
- Q9Tre’sean is taking out a $20,000 loan to buy a car. If he takes a 6-year loan with a 2.5% simple interest rate, how much money will Tre’sean end up paying for the car in dollars?23000300s8.12.A: Personal Financial Literacy
- Q10Lillie needs to take out a loan for $1,000. She has four different offers that are all different. Which option should Lillie take if she wants to spend the least amount of money?4 years at 2% simple interest5 years at 1.8% simple interest6 years at 1.6% simple interest3 years at 2.2% simple interest300s8.12.A: Personal Financial Literacy