Car Financing and Loan Calculation Quiz Test your knowledge on car financing: APR, down payment, monthly payments, interest rates, and loan terms. Learn about lease buyout, gap insurance, and more!
#1
Annual Percentage Rate
Automatic Payment Requirement
Adjusted Price Rate
Annual Price Revision
#2
The total cost of the car
The monthly payment for the car loan
The initial lump sum payment made at the time of purchase
The final payment made to complete the purchase
#3
Credit score
Loan term
Color of the car
Down payment amount
#4
By dividing the total loan amount by the number of months in the loan term
By adding the down payment to the total loan amount
Using the interest rate, loan amount, and loan term in a loan amortization formula
By multiplying the annual interest rate by the total loan amount
#5
Lower monthly payments and lower total interest
Higher monthly payments and higher total interest
Lower monthly payments and higher total interest
Higher monthly payments and lower total interest
#6
The final step in getting a car loan, confirming the loan amount and interest rate
A process where the lender checks your credit to offer a specific loan amount and rate before you shop for a car
An additional fee required to finalize the loan
The down payment required to secure the loan
#7
By adding the down payment to the total interest paid over the loan term
By multiplying the monthly payment by the number of months in the loan term
By subtracting the down payment from the total loan amount
By adding the total interest paid over the loan term to the loan amount and the down payment
#8
When the car's market value is higher than the remaining loan balance
When the loan interest rate decreases over time
When the car's market value is less than the remaining loan balance
When the monthly payments are reduced due to overpayment
#9
It increases the overall cost by extending the loan term
It has no effect on the overall cost of the loan
It reduces the overall cost if the new loan has a lower interest rate
It automatically decreases the loan term
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