Interest, Investing, Borrowing, Budgeting and Saving

Multiple Choice

BELL-RINGER QUESTION

Determine the solution for the equation.

$$5x+6=-12+2x$$

• (-6, -24)

• (0, -12)

• (6, 0)

• (-1.2, 0)

Multiple Choice

PARTNER PRACTICE

1. Brissa needs a $2,500 loan in order to buy a car for college. Which loan option would allow her to pay the least amount of interest back?

• An 18-month loan with a 5.75% annual simple interest rate

• A 30-month loan with a 4.00% annual simple interest rate

• A 24-month loan with a 4.25% annual simple interest rate

• A 36-month loan with a 4.50% annual simple interest rate

Multiple Choice

PARTNER PRACTICE

2. What is the total amount in your account if you started with $5000 at 7.5% compounded interest rate for a period of 20 years.

• $21,239.26

• $21,239.25

• $21,239.27

• $12,500.00

Math Response

PARTNER PRACTICE

3. Two customers took out loan from a bank.

-Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest.

-Ramses took out a 6-year loan for $5,000 and paid 3.9% annual simple interest.

What is the difference between the amounts of interest Henry and Ramses paid for their loans?

Type answer here

Correct Answer: 330

Deg^°

Rad

Multiple Choice

PARTNER PRACTICE

4. A deposit of $7,912 is made into a new account that earns 5.75% simple interest. No additional withdrawals will be made for 2 years.

Which amount is closest to the balance in the account at the end of 2 years?

• $9098

• $17010

• $8822

• $8848

Multiple Choice

PARTNER PRACTICE

5. Jennifer wants to invest $6,100.00 into a savings account paying 3.1% interest compounded annually for 2 years. If no additional deposits or withdrawals are made, how much interest was earned onto the savings account from the interest amount?

• $378.20

• $384.06

• $648.41

• $647.82

Math Response

PARTNER PRACTICE

6. Cesar's parents invested $7,000 in a college savings account that pays 6.5% annually compounded. No additional deposits or withdrawals will be made. If Cesar can collect the amount of money after college for 6 years, what will be the ending balance of the savings account when Cesar is done with college? Round answer to the nearest whole dollar.

Type answer here

Correct Answer: 10214

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Rad

Multiple Choice

PARTNER PRACTICE

7. The total annual cost to attend a community college is $4,000. The college offered a high school senior a scholarship of $1,500. The student can get a student loan for $1,000 but will need to earn enough to pay the remaining cost. It is 5 months until the remaining cost must be paid.

What is the minimum amount the student needs to earn per month to save enough money to pay the remaining cost?

• $300

• $600

• $500
• $800

Multiple Select

PARTNER PRACTICE

8. A student is planning to attend college in 5 years. The student has saved $600 of and plans to save another $100 per month over the next 60 months. Based on this information about the student's plan and the type of college with tuition cost, which statement about the possible choices for a college is true?

Select TWO choices that apply.

• The student would be able to afford the costs for one year at a private 4-year colege.

• The student would be able to afford out-of-state costs for half a year at a 4-year public college.

• The student would be able to afford in-state costs for half a year at a public 4-year college.

• The student would be able to afford in-state costs for one-year at a public 2-year college.

• The student would be able to afford in-state costs for two years at a public 2-year college.

Math Response

EXIT TICKET 03/27 - TEK 8.12G

The total cost of attending a state university in the year 2018 typically cost $19,700 for the first year, not including housing, meals and books.

A student's grandparents will pay half of this cost, and an athletic scholarship will pay another $5,000.

What is the minimum amount that the student will need to save every month in order to pay off the remaining cost at the end of 12 months?

Round answer the nearest hundredths place for the nearest cent.

Type answer here

Correct Answer: 404.17

Deg^°

Rad