8th grade Financial Literacy

To put money into an account.

• Deposit
• Withdraw
• Savings for a chicken
• Interest for a cow

Tags

CCSS.L.8.5A

Besides tuition, most colleges also charge their students for...

• room & board
• extra fees
• books
• all of the above

Tags

CCSS.6.RP.A.3B

Scholarships and grants are available for many college students, and they...

• have deferred payment
• give students a job to help pay
• don't have to be paid back
• have a low interest rate

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

Tags

CCSS.7.RP.A.3

Mrs. Coronado deposited $2,000 in a savings account that pays her interest compounded annually. Mrs. White deposited $3,500 in a saving account that pays her simple interest. Both ladies are getting the same interest rate of 7.5%, if they both leave their money in the bank for 6 years, which of the following is a true statement?

• Mrs. White will earn $1,575 more than Mrs. Coronado.

• Mrs. Coronado will earn $1,988.40 less than Mrs. White.

• Mrs. Coronado will earn $11.60 more than Mrs. White.

• Mrs. White will earn $1,511.60 less than Mrs. Coronado.

Tags

CCSS.7.RP.A.3

Diego deposits $3,500 is a saving account that pays 2.5% interest compounded annually. Which equation could be used to find the value of the account after 7 years?

• $3,500(0.025)(7)

• $3,500(0.025)⁷

• $3,500(1.025)⁷

• $3,500+$3,500(1.025)⁷

Armando will pay off his $12,000 loan if he makes a minimum payment each month of $445 for 3 years. What is the total amount of interest Armando will be paying after 3 years?

• $16,020

• $1,320

• $1,335

• $4,020

Tags

CCSS.7.RP.A.3

Sandra is paying $157.00 every month for 2 years. What is her repayment total?

• $3,140

• $3,768

• $314

• None of the above.

Tags

CCSS.L.3.6

CCSS.L.1.6

CCSS.L.K.5A

Willa deposited $5,000 in an account that pays 9.25% simple interest. What expression can be used to find the value of her investment after 5 years?

• $5,000(0.0925)(5) + $5,000

• $5,000(0.0925)⁵

• $5,000(0.0925)(5)

• $5,000(1.0925)⁵

Tags

CCSS.6.EE.B.6

Mrs. Kinkle wants to go back to school. She takes out a student loan for $8,000 with an interest rate of 4.5%. If Mrs. Kinkle wants to pay off her loan in 2.5 years she will have to make a minimum monthly payment of $345.67. But her husband wants her to pay off her loan in 5 years so her monthly payment will now be $198.25. How much more will Mrs. Kinkle be paying if she takes 5 years instead of 2.5 years?

• $10,370.10

• $11,895

• $5,947.50

• $1,524.90