Compare MPay & Interest, Loan Amortization, Financial Literacy

Flashcard
•
Mathematics
•
12th Grade
•
Hard
+5
Standards-aligned
Wayground Content
FREE Resource
Student preview

15 questions
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1.
FLASHCARD QUESTION
Front
What is a credit history?
Back
A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.
2.
FLASHCARD QUESTION
Front
How does a higher interest rate affect monthly payments?
Back
The higher interest rate you have, the higher your monthly payment will be.
3.
FLASHCARD QUESTION
Front
What is the formula to calculate the minimum monthly payment on a credit card?
Back
Minimum Monthly Payment = (Principal Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^-Number of Payments)
Tags
CCSS.8.EE.C.7B
4.
FLASHCARD QUESTION
Front
If Andrew uses a credit card with a 34.99% APR to buy a $1209 hot water heater, what will his minimum monthly payment be if he wants to pay it off in 3 years?
Back
$54.68
5.
FLASHCARD QUESTION
Front
What is compound interest?
Back
Interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
How much will Pedro have in his savings account after 3 years if he deposits $800 at an annual interest rate of 3%, compounded annually?
Back
$874.18
7.
FLASHCARD QUESTION
Front
What are closing costs in a mortgage?
Back
Closing costs are fees associated with finalizing a mortgage, typically including loan origination fees, title insurance, and appraisal fees.
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