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Buying a Car Mini Unit Test Review
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What is the formula for simple interest?
 
I=P*r*t
 
I=P/t
Calculate the simple interest on a $40,000 car loan taken for 7 years at 8% interest.
$22,400
the amount of money you pay each month for the length of the loan
 
monthly payment
 
depreciation
the rate at which your vehicle loses its value over time
 
depreciation
 
investment
how long you have to pay off a loan
 
time
 
interest
 
principal
the amount you are charged to borrow money
 
interest
 
principal
 
time
the amount of money you borrow or finance
 
principal
 
interest
 
time
_After you have decided which car to buy, go to the bank to get financing.
 
False
 
True
New cars do not lose value right away.
 
False
 
True
Before buying a car, you should get quotes from 3 insurance companies.
 
True
 
False
When negotiating the purchase of a car, your greatest tool is that you can walk away at any time.
 
True
 
False
Buying a used car may save you up to 50%.
 
True
 
False
After the age of 25, insurance premiums tend to decrease slowly but then increase after the age of 65.
 
True
 
False
Credit history is an important factor that is considered when calculating an insurance premium
 
True
 
False
Getting married may cause your car insurance to increase because married couples tend to be safer drivers.
 
False
 
True
Moving to a state that requires higher minimum coverage may cause your car insurance to increase.
 
True
 
False
Moving from the city with street parking to the suburbs with a driveway may cause your car insurance to increase.
 
False
 
True
According to experts, when is the best time to buy a used car?
 
MLK Jr. Day
 
July 4th
 
Labor Day
What is one advantage of buying a used car over a new car?
 
Used cars tend to have a better value because new cars
 
Used cars always come with warranties
 
Used cars always have the latest features and technology
Which of the following costs will not change the more you drive your car?
 
State Registration Fees
 
Insurance premium
 
Fuel Costs
Which of the following is TRUE about cars and depreciation?
 
Cars lose 10% value the moment you drive off the lot
 
Car depreciate most after 10 years of use
 
New cars do not depreciate
All of the following are reasons that your car insurance might increase EXCEPT:
 
Decreasing your yearly mileage
 
Getting into a car accident
 
Moving to a big city with a lot of traffic


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