Essential Mathematics Final Practice Exam Worksheet - Grade 12 Page 5
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50Name:
Answer all questions to the best of your ability. Show all your work.
Module 5: Vehicle Finance (30 marks)
1. Earna Wheeler is able to make a down payment of $4000 on a two-door sedan she
purchases for $23,457, including tax. In order to finance the remaining portion, she takes
out a three-year car loan at a fixed interest rate of 8.5%. (Module 5, Lesson 1)
a) Calculate her monthly payment for the two-door sedan. (3 marks)
b) Calculate her deferred payment for the two-door sedan. (2 marks)
c) Calculate her finance charge for the automobile. (1 mark)
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