WorksheetsFinancial Literacy Review (Pre-Algebra)
Total questions: 18
Worksheet time: 2hrs 30mins
Vinny invested $25,000 in an account that earns 4.25% simple interest. If Vinny doesn't make any additional deposits or withdrawals, how much interest will he have earned after 9 years?
(a)
Lucas invests $12,500 in an account that earns 6.2% compound interest. If Lucas does not make any additional deposits or withdrawals, how much will be in his account after 60 months?
(a)
Meredith invests $18,200 in an account that earns 341% simple interest. If Meredith does not make any additional deposits or withdrawals, what will the balance in her account be after 15 years?
(a)
T.J. invests $8,100 in an account that earns 7.2% compound interest. If T.J. does not make any additional deposits or withdrawals, how much interest will he earn after 7 years?
(a)
Dominik and Ryan both invest $6,500 into savings accounts that earn 6.8% interest. If Dominik's account earns compound interest, and Ryan's account earns simple interest, how much more interest will Dominik have earned after 10 years?
(a)
Leon took out a $27,000 loan to purchase a car. His repayment options are listed in the table. How much money will Leon save if he repays the loan in 48 months rather than 60 months?
(a)
Piper has a balance of $1,500 on her credit card with a 21% interest rate. Piper will make payments of $79.54 for 24 months to pay off the card. How much will Piper pay in interest?
(a)
The table shows the expenses for Deja's first year of college. If Deja's grandparents are paying for 80% of her first year's expenses, how much will Deja need to pay for?
(a)
Tamara's tuition for her first year of college costs $8,240. Tamara received a scholarship that will cover 41 of the the cost. If Tamara has two years to save up the remaining amount, how much should she save each month in order to meet her goal?
(a)
Naomi gets a $26,000 loan in order to purchase a new car. Her loan has an interest rate of 3.5% and she has decided she will pay off the car in 5 years with monthly payments of $473. If Naomi makes her monthly payments for the next 5 years, what is the total amount that she will spend to pay off the car?
$28,380
$26,000
$455,000
$31,270
Aaron created this table to help him estimate the total cost of his first year at a public university. Aaron's grandfather gave him a $12,000 gift to use towards his college expenses, and he received a $1,500 academic scholarship. Including his gift and scholarship, what should Aaron estimate the total cost of his first year to be?
$5,392.50
$35,070
$21,570
$8,070
Two brothers, Marvin and Luis, each invest $5,000 into accounts that earn 5% interest. Neither brother deposits or withdraws anything from the account for 25 years. If Marvin's account earns compound interest and Luis's account earns simple interest, who will earn more interest after 25 years, and by how much?
Luis will earn $11,250 more in interest than Marvin
Marvin will earn $16,931.77 more in interest than Luis
Marvin will earn $10,681.77 more in interest than Luis
Marvin will earn $5,681.77 more in interest than Luis
Deena wants to buy a $2,200 laptop, but she doesn't have the money. She decides to finance the purchase and will pay monthly payments of $231.55 for a year. How much extra will Deena end up paying for the laptop because she financed it rather than paying for it all at once?
$2,778.60
$1,621.40
$578.60
$463.10
Chris is going to be a junior in high school, and the college he wants to go to costs $9,264 for tuition the first year. Chris's parents have a savings account that will cover 75% of his first year's tuition, and the rest Chris will need to pay for. If he has two years to save the money, how much should Chris save each month in order to meet his goal?
$96.50
$2,316
$193
$289.50
Kevin financed a $2,800 vacation on his credit card. The table shows different monthly payments that Kevin is considering making, including how many months it would take him to pay off the card and the total amount he will pay in interest. Which is a correct conclusion from the table?
The more he chooses to pay off each month, the higher total interest he will pay
The quicker he pays off the credit card, the more interest he will pay
The more he chooses to pay off each month, the less total interest he will pay
The amount he chooses to pay each month will not affect the total interest he pays
Vance invests $15,000 in an account that pays 341% simple interest for 72 months. Assuming Vance doesn't make any other deposits or withdrawals, how much will be in his account after 72 months?
$2,925
$17,925
$35,100
$29,250
Richard wants to start a college savings account for his daughter. Which would be helpful advice to give Richard in order to help him maximize his savings amount?
Invest only for a short amount of time
Choose a savings account with a small interest rate
Regularly withdraw money from the savings account
Choose a savings account with compound interest rather than simple interest
In the simple and compound interest formulas, what does t stand for?
time (in months)
time (in years)
time (in days)
time (in hours)
