Personal Financial Literacy

Front

What is the original amount of money paid or charged?

Back

Principal

Tags

CCSS.7.RP.A.3

Front

Which loan option would allow Jasmine to pay the least amount of interest?

Back

An 18-month loan with 4.75% compound interest

Front

In what units must time be given for financial calculations?

Back

Years

Front

What kind of interest is earned on the principal plus the interest?

Back

Compound

Front

If Sebastian invests $3500 at 3.75% simple interest for 5 years, how much will he earn?

Back

$656.25

Tags

CCSS.7.RP.A.3

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal x Rate x Time

Tags

CCSS.7.RP.A.3

Front

What is the formula for calculating compound interest?

Back

Compound Interest = Principal x (1 + Rate)^Time - Principal

Tags

CCSS.7.RP.A.3

Front

What is the difference between simple and compound interest?

Back

Simple interest is calculated only on the principal, while compound interest is calculated on the principal plus any accumulated interest.

Tags

CCSS.7.RP.A.3

Front

What does APR stand for in financial terms?

Back

Annual Percentage Rate

Tags

CCSS.7.RP.A.3

Front

What is a budget?

Back

A budget is a plan for managing income and expenses over a specific period.