Financial Literacy Review (Pre-Algebra)

Vinny invested $25,000 in an account that earns 4.25% simple interest. If Vinny doesn't make any additional deposits or withdrawals, how much interest will he have earned after 9 years?

(a)  

Tags

CCSS.7.RP.A.3

Lucas invests $12,500 in an account that earns 6.2% compound interest. If Lucas does not make any additional deposits or withdrawals, how much will be in his account after 60 months?

(a)  

Tags

CCSS.HSF-LE.A.1C

Meredith invests $18,200 in an account that earns  $3\frac{1}{4}\%$  simple interest. If Meredith does not make any additional deposits or withdrawals, what will the balance in her account be after 15 years?

(a)  

Tags

CCSS.7.RP.A.3

T.J. invests $8,100 in an account that earns 7.2% compound interest. If T.J. does not make any additional deposits or withdrawals, how much interest will he earn after 7 years?

(a)  

Dominik and Ryan both invest $6,500 into savings accounts that earn 6.8% interest. If Dominik's account earns compound interest, and Ryan's account earns simple interest, how much more interest will Dominik have earned after 10 years?

(a)  

Tags

CCSS.7.RP.A.3

Leon took out a $27,000 loan to purchase a car. His repayment options are listed in the table. How much money will Leon save if he repays the loan in 48 months rather than 60 months?

(a)  

Piper has a balance of $1,500 on her credit card with a 21% interest rate. Piper will make payments of $79.54 for 24 months to pay off the card. How much will Piper pay in interest?

(a)  

Tags

CCSS.7.RP.A.3

The table shows the expenses for Deja's first year of college. If Deja's grandparents are paying for 80% of her first year's expenses, how much will Deja need to pay for?

(a)  

Tags

CCSS.6.RP.A.3C

Tamara's tuition for her first year of college costs $8,240. Tamara received a scholarship that will cover  $\frac{1}{4}$  of the the cost. If Tamara has two years to save up the remaining amount, how much should she save each month in order to meet her goal?

(a)  

Tags

CCSS.8.EE.C.7B

Naomi gets a $26,000 loan in order to purchase a new car. Her loan has an interest rate of 3.5% and she has decided she will pay off the car in 5 years with monthly payments of $473. If Naomi makes her monthly payments for the next 5 years, what is the total amount that she will spend to pay off the car?

• $28,380

• $26,000

• $455,000

• $31,270

Tags

CCSS.HSF.BF.A.2