Personal Financial Literacy

Kevin financed a $2,800 vacation on his credit card. The table shows different monthly payments that Kevin is considering making, including how many months it would take him to pay off the card and total amount he will pay in interest.

Which is a correct conclusion from the table?

• The more he chooses to pay off each month, the higher total interest he will pay.

• The quicker he pays off the credit card, the more interest he will pay.

• The more he chooses to pay off each month, the less total interest he will pay.

• The amount he chooses to pay each month will not affect the total interest he pays.

When you borrow money, do you pay back more than the loan amount, less than the loan amount, or exactly the loan amount?

• more than the loan amount

• less than the loan amount

• exactly the loan amount

Tags

CCSS.5.NF.B.5B

To pay off a personal loan, John must make a monthly payment of $120 for 1 year. How much money must John pay back?

• $120

• $121

• $12

• $1440

Tags

CCSS.7.EE.B.3

The total cost of attending the University of North Texas for one year is $15,500. Jason has saved up $8,500 and also has an academic scholarship for $4,000 to help him pay for her first year. If he doesn’t save any more money, how much will he need in student loans to help pay the rest of his first year?

• $3,000

• $5,000

• $8,000

• $4,000

Tags

CCSS.4.OA.A.3

The table below shows the cost of attending a state college. Zyda will receive a scholarship for $2,008 and a grant for $3,500. Her family will contribute $1,900. Zyda plans to take out a loan for the remaining amount she must pay for her first year of college. Which of the following is closest to the amount of the loan?

• $6,461

• $6805

• $13,919

• $18,914