Budget and Simple Interest

A monthly budget for a small family is shown. Which equation can be used to find b, the minimum amount of money the family must earn annually in order to meet this budget?

• b = $3,630 x 12

• b = $3,630 x 52

• b = $43,560 ÷ 52

• b = $43,560 ÷ 365

A monthly budget with expenses is shown. Which equation can be used to determine y, the minimum amount of money a family must earn to meet the requirements of this budget for one year?

• y = 3,600 x 12

• y = 3,600 ÷ 7

• y = 3,600 x 4

• y = 3,600 + 52

What is a Budget?

• A financial plan for a defined period

• A type of investment

• A loan from a bank

• A tax imposed by the government

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• $868.70

• $72.39

• $8,687

• $25,688

Mr. Wright took out a loan for $8,000 with an Interest Rate of 7.3%. The loan period is 3 years. How much Interest will he have paid after 3 years?

(a)