Financial Math Sem 2 Pretest

Jeremiah borrowed $1,500 from the bank to buy a home entertainment system. How much will he have to pay back in 6 months assuming the annual interest rate is 8% and he intends to pay the loan in full.

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CCSS.7.RP.A.3

The information collected by credit bureaus such as Experian is accessible to ____________

Who makes possible most of the student loans in the United States?

A person learns that the interest rate on his $2,000, 1-year auto loan is 5%. He is about to apply for the loan when a friend says that he should first know the APR on the loan. He discovers that there is a $50 application fee, a $50 credit check fee, and a $100 charge related to other closing costs. What is the APR on this loan?

What is a grace period?

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CCSS.5.NBT.A.2

Assume you carry a $1,000 balance on your credit card that charges a 24% annual interest rate. How much interest will you pay for this account next month?

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CCSS.7.RP.A.3

What is the maximum amount your total monthly bills should be if your gross monthly income is $5,500?

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CCSS.6.RP.A.3B

Subprime mortgages are ____________

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CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.8.4

CCSS.RL.9-10.4

Jerry has $321,000 in his bank account at his local bank. How much does he stand to lose if the bank goes out of business?

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CCSS.6.RP.A.3B

How might the economy suffer if there were no banks?