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Financial Literacy, Math 8 Flashcards | StudBud
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Financial Literacy, Math 8
Financial Literacy, Math 8
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Simple and compound interest, cost of loans, methods of payment, and pay for college
Flashcards
19 cards
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Answers
1
Which is the best way for Aaron to choose a $500 loan that will cost him the LEAST?
Choose the loan with the highest interest rate
Choose the loan with the lowest fees
Choose the loan with the lowest APR
Choose the loan with the lowest interest rate
2
Rich deposits $500 and makes 7.25% simple interest. How much is in his account after 9 years?
$826.25
$3,262.50
$3,762.50
$326.25
3
Lin invests $700 that pays 5% interest compounded annually. What is account total in 5 years?
$893.40
$875
$193.40
$175
4
Which form of payment could you NOT get back when it is lost?
Cash
Credit Card
Check
Debit Card
5
Lin invests $700 that pays 5% interest compounded annually. How much interest made in 5 years?
$893.40
$175
$193.40
$1,593.40
6
What is the projected cost to attend this college for 1 semester?
$3,974
$9,114
$9,000
$18,228
7
Pete borrowed $7,000. Then he made payments of $625 for 12 months. How much interest did he pay
$7,500
$550
None
$500
8
What is a good reason for Jacob to pay with a check rather than a credit card to buy groceries?
He has checks in his wallet, but his bank account is empty
He doesn't have enough money in his checking account
He wants to avoid keeping records of himself
He wants to avoid paying interest
9
Which payment method is when money is borrowed and repaid at a later date?
Credit
Check
Cash
Debit
10
Each year of college has 2 semesters. How many semesters will you pay for if you attend 4 yrs?
2
4
8
6
11
Crystal deposits $500 and makes 8% simple interest. How much interest is earned after 7 years?
$280
$28
$28,000
$780
12
What college did Ms. Wells go to?
Oberlin College
University of Texas
Boston College
Ohio State University
13
What is the projected total cost to attend this college for 4 years?
$31,792
$9,114
$72,912
$36,456
14
What's the most reasonable way to buy a $800 tablet if you have $500 in bank acct and $20 cash?
Credit Card
Debit Card
Check
Cash
15
Pat used debit to buy a poster for his room. His total was $8.13. Which is a result of this?
Bank will pay Pat $8.13
Bank will deduct $8.13 from Pat's checking account
Bank will deduct $8.13 from the store's account
Bank will loan Pat $8.13
16
Which statement about the Annual Percentage Rate (APR) is NOT true?
If you have good credit, you will get a higher APR
The APR of a loan will determine how much interest you pay.
APR is often determined by your credit score.
If you have good credit, you will get a lower APR
17
Which way of devising a yearly savings plan to pay for your college education makes most sense?
Estimate total cost and multiply by # of years until college
Estimate total cost and divide by # of years until college
Estimate total cost and subtract by # of years until college
Save $10 this year, $20 the following year, and so on
18
Which plan would most likely NOT help you reach the savings needed for college?
Look into financial aid options like scholarships and grants
Establish a monthly savings plan
Try to take courses in high school for college credit
Start saving the summer before college begins
19
Which statement about the APR is true?
Everyone is offered the same APR on credit cards.
The APR is one factor that determines the cost of a loan
If the APR is 6%, you will pay 6% per month for the loan
APR is not a good way to compare loans
