Interest rates, savings and loans

You are working out a money problem on a calculator. The answer comes up as 163.8

How do you write this down?

• £163.08

• 163.80p

• £163.80

• £163.80p

• 163.8p

Tags

CCSS.6.NS.B.3

If you save £100 for a year at 10% APR, how much money do you have at the end of the year?

• £101

• £110

• £100.10

• £1100

• £10.10

Tags

CCSS.6.RP.A.3C

What is APR? Tick all that apply

• A way of comparing different loans or savings accounts

• Average Personal Religions

• None of the answers here

• Annual Percentage Rate

Tags

CCSS.7.RP.A.3

You need a loan for £500 for 2 years. you shop around for the best interest rates, and find suitable loans at 4.5%, 6.7% and 12.9% APR. Which loan rate should you choose?

• The loan at 12.9% because it is the best value

• The loan at 4.5% because it is the cheapest

• The loan at 6.7% because it is in the middle

• It doesn't matter because I will pay the same amount overall

Tags

CCSS.6.RP.A.3B

What are the downsides of payday loans?

• They are very high interest rates and charges

• They should only be used for very short-term borrowing over days or weeks

• It is very easy to get into serious debt if you are not careful

• All of the answers here are true

What is an unsecured loan?

• A loan where you lose the paperwork

• A personal loan taken out without providing security such as a house

• A loan you don't have to re-pay

• There is no such thing

If you find yourself getting into debt, what should you do?

• Don't worry about it; just go shopping and buy yourself something nice to cheer yourself up

• Use a payday lending company to borrow more money

• Borrow money from friends to see you through, and deal with the problem later

• Stop spending immediately, then seek help and advice from family or the Citizens Advice Bureau

Tags

CCSS.L.1.1J

CCSS.L.2.1F

CCSS.L.8.1C

CCSS.L.K.1D

What is "interest" when talking about savings or loans? Tick all correct answers

• The money paid to you by the bank for the money you save with them

• The amount of money you borrow from the bank

• Whether the bank's adverts are entertaining or not

• The amount of money you are charged by the bank for borrowing money

• None of the above

Tags

CCSS.7.RP.A.3

You take out a payday loan for £1,000 with "Sunny" at 1299% APR. You find you cannot pay it off when you planned. How much interest will you owe after one year?

• 12990p

• £129.90

• £1299

• £12,990

• £12.99

Tags

CCSS.6.RP.A.3C

You want to buy a new car. It costs £5,000, and you are offered a loan for it at £162.75 per month over 3 years. Which of these gives the correct calculation for the total amount you pay?

• 162.75 x 3 x 12

• 162.75 ÷ 36

• 5,000 ÷ 12 x 3

• 5,000 ÷ 162.75 x 36

Tags

CCSS.6.NS.B.3