Teens and Money

What is compound interest?

• Money that stays the same

• Compound interest is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan.

• Money in a checking account

• Money in a saving account

How old was Jack when he decided to invest 200 a month?

• 15

• 20

• 21

• 40

At the end of nine years, Jack invested $21,600 and ended up with more than $2.5 million.

• true

• false

Why did Jack ended up with more money if he save less money and he only save for 9 years?

Evaluate responses using AI:

OFF

Jack and Blake are both millionaires at the end of scenario.

• True

• False

According to the article what's a millionaires best friend?

• savings account

• Compound interest

• spending more than what you make

• millionaires don't safe

an arrangement by which people borrow money from a bank to buy a house, and pay back the money over a period of years

• mortgage

• overdraft

• share

• refund

an arrangement in which you pay money each year to get financial help if anything bad happens to you (an illness or accident)

• insurance

• refund

• mortgage

• share

The coins and paper bills used as money in a society

• Prices

• Currency

• Bond

• Checks

What is a mortgage used to purchase?

• Car

• Real Estate

• College Tuition

• Business Expenses