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Algebra 3 Financial

Authored by Holly Diehl

Mathematics

9th - 12th Grade

Used 4+ times

Algebra 3 Financial
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

John is trying to decide between getting a debit card, a prepaid debit card, and a credit card. Which statement is true?

Debit cards and credit cards are the same

All 3 cards are completely different

All 3 cards are completely the same

Debit cards and prepaid debit cards are the same

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. The average APR for a payday loan is closest to …

4%

14%

400%

40%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements comparing credit and debit cards is TRUE?

Far more businesses accept credit cards than debit cards

Credit card companies provide you with a monthly statement, while debit cards do not

Credit cards pull money directly from your bank account, while debit cards get their money from Visa or Mastercard

With debit cards, you're spending your own money at point of sale, but with credit cards, you're getting a loan that you need to pay back later

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is most likely to represent a fixed rate, secured debt?

A student loan

A credit card

Prepaid debit card

auto loan

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

When paying on a loan, if you make an extra payment, it will be applied to the ______________ you owe, which will pay down your debt more quickly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are having trouble making auto loan payments and are really following a tight budget, which recommendation below represents the WORST advice?

Explore whether a free or non-profit credit counseling service could help

Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control

Find an extra source of income by taking a second job, working longer hours, or borrowing from family if they can afford to help

Continue making all payments and call your lenders and see if you can negotiate lower monthly payments, lower interest rates, or longer terms

7.

DROPDOWN QUESTION

1 min • 1 pt

When loans are amortized, monthly payments are ​ (a)   , while the amount of your monthly payment applied to interest ​ (b)    and the amount of your monthly payment applied to the principal ​ (c)    over time.

constant
decreases
increases
variable
important

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