Final Exam Personal Finance 2024

Front

Compound interest earns more than simple interest at the same interest rate because compounding pays interest on the interest earned.

Back

True

Front

Interest compounded semiannually is compounded 4 times a year

Back

False

Front

Interest compounded quarterly is compounded how many times?

Back

4

Front

Interest compounded daily is compounded how many times?

Back

365

Front

Sonja and Jake received $4,500 in gift money and deposited it into a savings account that pays 2.85% simple interest. How much will they have in savings after 3 years?

Back

$4,884.75

Front

Becky is looking for a new job as an account executive. She responds to a classified ad for a position that pays 34,500. What would Becky's weekly salary be to the nearest cent, if she gets this job?

Back

$663.46

Front

What would Danny's monthly salary be if he gets a job that pays $27K annually?

Back

$2,250

Front

Jacob Gomez is buying a $245,000 home. He was required to make a 20% down payment. How much is the loan amount for?

Back

$196,000

Front

FICO Scores range from

Back

300 - 850

Front

An item that you must have for survival is considered a...

Back

Need