College/Simple Interest/Credit Cards

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

• $6,679.40

• $32,369.40

• $66,794

• $679.40

Tags

CCSS.7.RP.A.3

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

• $8700

• $38,700

• $870

• $3,870

Tags

CCSS.7.RP.A.3

Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

• $1,012.50

• $10,012.50

• $2,012.50

• $201.25

Tags

CCSS.7.RP.A.3

Shawn is buying a new jet ski for $12,500. His Credit Union offers 8.5% simple interest. How much interest will Shawn pay on his Jet Ski after 18 months?

• $1593.75

• $19,125

• $159,375

• $14,093.75

Tags

CCSS.7.RP.A.3

Your mom goes to the ATM at the bank and withdraws $300 from her savings account with her card. 

• Debit card

• Credit Card

Tags

CCSS.7.NS.A.3

Your family is on vacation and you need more cash. Your dad goes to the ATM and gets a $500 cash advance. He says, “Just one more vacation expense we’ll have to pay off when we get home.”

• Debit card
• Credit card

You got the lead in the school play. Your mom stops at the ATM to get $50 from her savings account then takes you to the fabric store to get supplies to make your costume.

• Debit card
• Credit card

Tags

CCSS.6.NS.C.5

What is credit?

• Free money

• Borrowed money

Money you earn each month is called...

• expense

• income

• gone

• spending plan

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What is a loan?

• money you do not have to pay back

• money given based on talents and grades

• money borrowed which must be repaid, usually with interest

• money you earn from working

Tags

CCSS.4.OA.B.4