2024 - 1st semester review for Financial Algebra

Front

What is the New Balance on a monthly credit card statement?

Back

The New Balance is the total amount owed on the credit card at the end of the billing cycle, including any new charges and payments.

Front

How do you calculate the future value of an account with regular deposits and compound interest?

Back

Use the formula FV = P * [(1 + r/n)^(nt) - 1] / (r/n), where P is the deposit amount, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.

Front

What is the formula to calculate weekly earnings for hourly workers with overtime?

Back

Weekly Earnings = (Regular Hours * Hourly Rate) + (Overtime Hours * Hourly Rate * 1.5), where Overtime Hours = Total Hours - 40.

Front

What is minimum wage?

Back

Minimum wage is the lowest legal hourly pay that employers can pay their workers, as mandated by federal and state laws.

Front

How do you calculate the current balance in a checking account after multiple transactions?

Back

Current Balance = Initial Balance + Deposits - Withdrawals - Bills Paid.

Front

What is compound interest?

Back

Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

Front

What is the difference between simple interest and compound interest?

Back

Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any interest that has already been added.

Front

What is the significance of the annual percentage rate (APR) in finance?

Back

APR represents the annual rate charged for borrowing or earned through an investment, expressed as a percentage.

Front

How do you determine the total cost of a loan?

Back

Total Cost of a Loan = Principal + Interest Paid over the life of the loan.

Front

What is the purpose of a budget?

Back

A budget is a financial plan that helps individuals or organizations allocate resources, track income and expenses, and achieve financial goals.