REVIEW TEST 12/13/24

Front

Student loans are .....

Back

must be paid back and almost never forgiven

Front

You must begin paying back a student loan ...

Back

soon after you graduate

Front

Those with a college degree, on average, earn thousands of more dollars/year when compared to those with just a HS diploma.

Back

True

Front

This is the form you must fill out before going to college in order to get aid from the government to pay for college.

Back

FAFSA

Front

Private student loans have better interest rates than government student loans

Back

False

Front

A federal student loan is provided by...

Back

US Federal government

Front

This is money you can get to pay for college, which has to be paid back.

Back

Student Loan

Front

What does B stand for? Options: interest rate, Principal, Balance, number of compounding periods

Back

Balance

Front

What does p stand for?

Back

Principal

Front

Identify the correct formula for: Mrs. Puff needs $15,000 to pay off a loan at the end of 8 years. How much must she deposit every month into a savings account that yields 4.45% interest, compounded monthly?

Back

PMT=\frac{P\left(\frac{APR}{n}\right)}{\left[1-\left(1+\frac{APR}{n}\right)^{\left(-nY\right)}\right]}.