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Personal Financial Literacy

Mathematics

7th - 8th Grade

Used 3+ times

Personal Financial Literacy
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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Kim invested $5,000 in a 3-year Certificate of Deposit (CD) that pays 2.3% interest compounded annually. What will the CD be worth at the end of

3 years?

$5,060.83

$5,060.83

$5,060.83

$5,353.00

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Reggie buys a power drill using a payment method that immediately takes the cost of the drill out of his bank account. How did Reggie pay?

cash

debit card

credit card

gift card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which payment amount and time period will result in the lowest total loan repayment for a $2,500 loan?

24 payments of $122.65

12 payments of $226.24

9 payments of $296.62

18 payments of $157.14

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When he was born, Cooper’s grandparents put $2,000 in a college fund. The fund earns interest at 2.1% compounded annually. Yesterday was Cooper’s 18th birthday. How much money is in the account now?

$2,907.32

$2,838.96

$2,756.00

$2,698.18

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anne takes out an $8,000 loan to buy a car. She chooses the 8-year loan at 9.8% interest, and will pay $120.55 per month. What is the total repayment on the loan?

$6,272.00

$9,644.00

$11,572.80

$23,145.60

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the interest were compounded annually?

$28.70

$36.70

$408.00

$436.70

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The table below shows yearly expenses at a state college and at a junior college. How much money would you save if you chose to complete 2 years at Junior College and 2 years at State College, rather than attending all four years at State College?

$17,109

$14,312

$50,354

You would not save any money at all.

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