Transition Final Exam

Paige borrowed $1,400 at 9.5% simple interest and paid it all back one year later. How much did she pay back in total (interest plus loan)?

• $133

• $1,533

• $1,666

• $127.75

Lance took out a 2-year loan for $3,500 at 9.75% interest. If he repaid $4,182.50, how much interest did he pay?

• $815.59

• $407.79

• $341.25

• $682.50

Chuck has a balance of $956 on his credit card. The minimum payment is 3% of his balance. Calculate his minimum payment.

• $9.56

• $28.68

• $19.56

• $38.24

How long does bankruptcy information stay your credit report?

• 3 years

• 7 years

• 10 years

• 12 years

What is the money a bank or credit union loans you?

• principal

• interest

• origination fee

• market value

What a lender charges you to use their money

• principal

• interest

• asset

• market value

What type of interest accumulates the fastest?

• compound

• simple

This is your total assets minus your total liabilities.

• net worth

• assets

• market value

• interest

If Tanner's income is $2,980 per month, using the 10 percent rule, what would the maximum amount of debt that he should carry per month be?

• $145

• $187

• $298

• $325

If Kent has the following liabilities: Car loan, $5636; Credit Card, $411, and Student Loan $16,290. What would his total liabilities be.