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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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#8thgrademathfinacialliteracy
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
1st year of college costs $5000. How much do you need to save each month for 4 years?
$1250.00
$104.17
$5,000
$416.67
2
What is the formula for compound interest?
A= p(1+r)t
A= t + 1 + P = R
A= (P+1+r)t
A = p(r)(t)
3
Find the total payback for a student loan of $45,000 with an APR of 4.5% for 15 years.
30375.00
87087.21
42087.71
4287.71
4
Jayden's dream car costs $55,000. Jayden pays 5% as a down payment what will his principle be?
$2,700
Jayden can't afford his dream car.
$5,500
$52,250
5
Ani will invest $150 at 8% compound interest for 7 years. How much interest is earned?
$257.07
$84.00
$9033.30
$107.07
6
What is the best option for payment on a laptop that costs $1150?
Apply for a quick cash loan with a rate of 25% monthly
Save money for several months and wait for a sale.
Apply for a store credit card with a rate of 13.5%
Withdraw the money from your college savings.
7
What is the amount in the saving account if $1000 is deposited at 2% compound for 5 years?
$10000
$1104.08
$243000
$2488.32
8
How much interest is earned on a $10000 loan at 5% simple interest in 12 years?
$600.00
$6000.00
$17,958.56
$60,000.00
9
Jan needs $45,000 for college. What would not be a good method of paying this amount?
Take out a student loan at a rate of 4.14% for 15 years.
Apply for scholarships in order to reduce the cost.
Start an account at the age of 6 and save $312.50 a month.
Host a house party and charge admission.
10
Kathia's college tuition will cost about $70000. How much should she save over the next 6 years
$975 a month
$5,000 a month
$11,000 a year
$975 a year
11
How much interest do you pay on $875 at 5% compound interest for 3 years?
$1012.92
$131.25
$137.92
$1884.00
12
Which gives you the lowest monthly payments?
$38,000 car and a 48 month loan at 3.14% interest, $3500 DP
$38,000 car and a 48 month loan at 3.14% interest, $0 DP
$38,000 car and a 60 month loan at 3.14% interest, $0 DP
$38,000 car and a 60 month loan at 3.14% interest, $3500 DP
13
Which gives you more interest?
Compound interest on $1250 at 3.5% for 3 years.
Compound interest on $1250 at 3% for 4 years.
Simple interest on $1250 at 3% for 4 years
Simple interest on $1250 at 3.5% for 3 years
14
What is the better deal?
$38,000 car and a 60 month loan at 4.25% interest, $3500 DP
$38,000 car and a 60 month loan at 4.25% interest, $0 DP
$38,000 car and a 48 month loan at 4.25% interest, $3500 DP
$38,000 car and a 48 month loan at 3.14% interest, $0 DP
15
What is the total amount of payback on a loan of $10,000 at 5% simple interest for 12 years?
$1,600.00
$16,000
$17,958.56
$160,000
