Worksheet Questions (Page 2)

Which of the following is not included in the list of decisions you will have to make once you have made the decision to borrow money?

• Where will you borrow the money?

• How much money will you borrow?

• What day of the month will your payment be due?

• How much can you afford to pay in monthly payments?

What is the best way to start building a good credit score?

• start small

• buy a car

• buy a house

• get a new job

Find the daily rate if the annual interest rate is 12%.

• 0.0003287671

• 0.03287671

• 0.23076923

• 0.00328769

How old must you be in Alabama to open a checking or savings account without someone to co-sign with you?

• 16

• 17

• 18

• 19

Which of the following is a cost associated with credit cards?

• high interest rates

• special store discounts

• interest free grace period

• ability to buy needed items even if you do not have the money to do so

It is recommended that you keep all other loan payments excluding your mortgage payment below _____% of your monthly take home pay.

• 10

• 15

• 20

• 25

Which of the following is a benefit associated with credit cards?

• fees for late payments

• fees for cash advances

• poor decisions could lead to a low credit score

• ability to buy needed items even if you do not have the money to do so

Find the total interest paid after the May payment using the excerpt from the Amortization Table below.

• $840.46

• $280.15

• $561.40

• $279.05

Which of the following is a benefit associated with credit cards?

• high interest rates

• may have a yearly fee

• interest free grace period

• increased impulse buying may occur

Using the information below, find the opening cost.

• $40.82

• $40.52

• $41.09

• $40.89