FinAlg Exam Review 2

To find out how much to deposit every month to have $1M in 40 years use...

• future value of single deposit formula

• future value of periodic deposit formula

• present value of single deposit formula

• present value of periodic deposit formula

Tags

CCSS.8.EE.C.7B

Compounded semiannually is

• 2 times per year

• 4 times per year

• 12 times per year

• 24 times per year

Compound interest pays more than simple interest at the same interest rate.

• True

• False

Tags

CCSS.HSF-LE.A.1C

A debit card is a type of charge card for which the monthly bill must be paid in full.

• True

• False

 $M=\frac{\left(p\left(\frac{r}{12}\right)\left(1+\frac{r}{12}\right)^{12t}\right)}{\left(\left(1+\frac{r}{12}\right)^{12t}-1\right)}$  is the _____ formula

• present value of periodic deposit

• future value of periodic deposit

• compound interest formula

• monthly payment formula

Find the monthly payment for a $15,000 loan for 5 years at an APR of 6.25%.

• $291.73

• $291.74

• $820.23

• $820.24

Tags

CCSS.8.EE.C.7B

Find the total interest paid for a $15,000 loan for 5 years at a APR of 6.25%.

• $3,503.80

• $2,503.80

• $2,504.40

• $3,504.40

Tags

CCSS.HSF.BF.A.2

FICO scores range from 200 to 750.

• True

• False

Credit scores above 770 are considered excellent, above 700 are considered good and below 600 are considered a credit risk.

• True

• False

Social Security tax is a tax paid on ALL of your income.

• True

• False