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Topics Consumer Finance

Authored by Ellen Simkulet

Mathematics

9th - 12th Grade

CCSS covered

Used 2+ times

Topics Consumer Finance
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19 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

$6,273.50  

$6,314.08

$6,385.72

$6,427.94

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?

$915.59

$933.28

$979.81  

$1,005.09  

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A _____ is probably the biggest loan one can have

Mortgages

Loan

Credit

Amortization

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

6a. Natalie and Andrew Prior are examining their payment schedule for their $280,000 mortgage. The mortgage was for 15 years and had an APR of 3.375%. What was the Prior’s monthly mortgage payment?

$2,023.26

$1,984.53

$1,742.15

$1,880.72

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is amortization?

The process of paying off a debt through irregular payments that only include interest.

The process of paying off a debt in a lump sum at the end of a fixed period of time.

The process of gradually reducing or paying off a debt over a fixed period of time through regular payments that include both principal and interest.

The process of increasing or adding to a debt over a fixed period of time through regular payments that include both principal and interest.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You want to buy a house that is valued at $215,000. You are putting 15% down. What is the down payment? What is the loan amount?

$15; $214985

$3225; $211,775

$32,250; $182,750

Tags

CCSS.6.RP.A.3C

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The charge of borrowing money

Credit Total
Introductory Rate
Interest
Penalty APR

Tags

CCSS.7.RP.A.3

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