Banking and Loans

Front

Interest can be defined as:

Back

the amount owed for borrowing money

Front

An APR of 25.99% in decimal form is....

Back

.2599

Front

APR stands for

Back

annual percentage rate

Front

An APR of 5.4% in decimal form is....

Back

.054

Front

What is a Grace Period?

Back

A period where the Bank will give you extra time to pay off what you owe.

Front

If James takes out a loan with a Principal of 2500, an APR of 15%, and a minimum payment of $200 per month, how much of the $200 is going towards interest?

Back

30 dollars

Front

If James takes out a loan with a Principal of 2500, an APR of 15%, and a minimum payment of $200 per month, how much of the $200 is going towards the principal?

Back

170 dollars

Front

Is it *ever* a financially responsible decision to take out a "car title loan" or a "payday loan"?

Back

No, I should never take out one of these loans!