Assets and liabilities/ Simple and compound interest

Front

interest paid only on the initial principle of a savings account or loan

Back

simple interest

Front

 debts that are owed by an individual

Back

liabilities

Front

items that are owned by an individual

Back

assets

Front

interest paid on the initial principal and on interest earned in the past

Back

compound interest

Front

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

Back

Credit Card

Front

Noah invested $1500 in an account paying 2.5% simple interest. How much was his account worth after 5 years?

Back

$1687.50

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7.13.E

Front

Micaela deposited $3000 in a retirement account with 5% interest compounded annually. What is the interest earned at the end of 2 years?

Back

$308

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7.13.E

Front

Based on the table, which statement is true?
Options: Aaron spends 30% of his budget on his car., Aaron spends 25% of his budget on food and his cell phone., Aaron spends 50% of his budget on clothes and savings for college., Aaron spends 5% of his budget on other.

Back

Aaron spends 5% of his budget on other.

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7.13.B

Front

John’s net worth is $240,500. Based on the information in the table, what is the current value of John’s student loan obligation? Options: -$48,500, -$36,500, -$23,000, -$27,500

Back

-$48,500

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7.13.C

Front

Calculate the amount of interest that Austin will earn on his investment in Account B after 5 years, with $4800 invested at 3.5% compound interest, compounded annually.

Back

$900.89

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7.13.E