Financial Literacy and Math Worksheet (Grade 12)

Jack has an outstanding balance of $423.81 on his bank credit card. Find the finance charge for the month if it is calculated at 1.5%.

• $63.97

• $6.36

• $0.64

• $6.35

Introductory interest rates are credit cards will

• Remain the same while you have the credit card

• Will go up after the introductory period is over

• Will go down after the introductory period is over

• Can be reinstated after the introductory period

If your insurance policy limits are 50/100/50, and you are in a car accident that causes $60,000 in property damage, your insurance will pay what amount?

• $100,000

• $50,000

• $60,000

• $250,000

• $192,500

• 33%

• 27%

• $50,000

Which of the following issues a credit line?

• A credit bureau

• An installment loan

• A revolving credit loan

• A mortgage

• $278.38

• $225.62

• $52.76

• $139.19

The formula for exponential growth is ___?

What will be the value of an asset in 5 years that was purchased for $24,780 that depreciates at a rate of 2% per year?

• $22,399.18

• $2,478.00

• $24,284.40

• $2,380.82

Company A wants to know how much its used delivery van will be worth when its loan is paid off in 3 years. The van was purchased for $21,561 and has a rate of decay of 17% per year. What is the van worth in 3 years?

• $10,564.89

• $10,996.11

• $9,232.70

• $12,328.30

• 20%

• 17%

• 120%

• 83%