Home Library Explore SAT

Home Library Explore SAT

Duplicate of Financial Literacy Budget buddy Flashcards | StudBud

Explore/Duplicate of Financial Literacy Budget buddy

Duplicate of Financial Literacy Budget buddy

9 terms·StudBud Administration·10 plays

Imported from external platform

Flashcards9 cardsFPractice quizPHost liveL

Questions 9

Answers

1
Which one grows faster over time?
Compound interest
Equal Payments
Loan Decrease
Simple interest
2
In an amortized loan, your monthly payment
Stays the same
Changes randomly
Is paid all at once
Gets larger
3
If a 20% APR is compounded monthly, what’s the effective interest rate after on year
24%
21.94%
20%
22.50%
4
What does APR stand for?
Annual Payment Rate
Annual Percentage Rate
Automatic Payment Reminder
Advanced Payback Rule
5
A loan with 18% APR compounded monthly has an EAR of about
19.56%
18%
25%
18.9%
6
What is true about simple interest
It grows faster the longer you wait
It changes based on your credit score
It charges interest on interest
It adds the same amount each year
7
What happens if you miss a loan payment in real life?
You often pay a penalty
You win a prize
You skip interest
8
Whats one feature budget buddy offers for free users
Full loan payoff tools
Budget Planner
Bilingual support
Personalized coaching
9
What does Effective Interest Rate (EAR) show?
How much you spend monthly
The best interest rate at a bank
The real cost of borrowing with compounding
Your credit score