Test. Credit - 3

Before proceeding to the solution of examples and problems be sure to read the theoretical part of the lesson 

Credit - 3

The table below shows the monthly repayments on loans from 1 year up to 5 years, with and without payment protection.

 1. What is the monthly repayment on a £5000 loan over 36 months with protection?

 а)  £160.01;      
 b)  £164.01;     

 c)  £158.01;      
 d)  £162.01.

 2. What is the monthly repayment on a £3000 loan over 24 months with protection?

 а)  £141.05;      
 b)  £139.15;     

 c)  £139.65;      
 d)  £135.65.

 3. What is the monthly repayment on a £15000 loan over 60 months with protection?

 а)  £301.86;      
 b)  £305.86;     

 c)  £303.46;      
 d)  £303.86.

 4. What is the monthly repayment on a £10000 loan over 12 months with protection?

 а)  £871.83;      
 b)  £879.83;     

 c)  £879.23;      
 d)  £883.83.

 5. How much more will the monthly repayment on a £3000 loan with protection over 36 month cost that without protection?

 а)  £2.91;      
 b)  £2.41;     

 c)  £2.71;      
 d)  £3.71.

 6. How much more will the monthly repayment on a £25000 loan with protection over 48 month cost that without protection?

 а)  £3.91;      
 b)  £3.99;     

 c)  £3.51;      
 d)  £4.91.

 7. If Carl borrows £5000 over 60 months with protection for a holiday to Italy, how much money will he pay back in total? How much interest will he pay in total?

 а)  £6160, £1160;     

 b)  £6265, £1165;     

 c)  £6165, £1165;     

 d)  £6165, £1169.

 8. If Sunita borrows £15000 for a new car over 36 months without protection, how much money will she pay back in total? How much interest will she pay in total?

 а)  £16939.08, £1939.08;     

 b)  £16929.08, £1939.08;    

 c)  £16939.08, £1939.98;     

 d)  £16935.08, £1935.08.

 9. If you borrow £1000 over 24 months without protection, how much money will she pay back in total? How much interest will she pay in total?

 а)  £1121.12, £121.12;     

 b)  £1111.12, £111.12;     

 c)  £1119.92, £119.92;     

 d)  £1119.12, £119.12.

10. If you borrow £10000 over 60 months with protection, how much more will it cost you in total than borrowing the money without protection?

 а)  £157.80;      
 b)  £157.20;     

 c)  £161.20;      
 d)  £151.20.