Unit 10 Quizlet Test Review - Interest, Deposits, Simple and Compound Interest, Costs of Credit and College, And More

Britt, by $38.13.

26. Adam and Britt each deposit $5,000 into accounts that earn 5% interest. Adam's earns annual simple interest while Britt's earns annual compound interest. Who will earn more interest after, 3, years, by how much?

Compound

27. A deposit of $10,000 is made into an account that earns 6% interest. For, 5, 15, and, 30, years, which type of interest consistently is earning the MOST interest?

1. 5: $382.26! 2. 15: $4,965.58! 3. 30: $29,434.91!

28. Find the smallest, big, and, biggest, differences between the total amount of simple and compound interests earned for each amount of time in years, which are, 5, 15, and, 30.

$357.77

24. Keith is calculating the interest earned on a deposit of $2,000 in an account that earns 4.2% annual compound interest. The total amount of interest earned is $_______._______.

$655.20

25. Zeke is calculating the interest earned of deposit of $5,200 in an account that earns 3.15% simple interest after, 48, months. The total amount of interest earned is $________._______.

$45.61

85. Hilda is taking out an $11,000 personal loan that she will re-pay in, 5, years. If she receives a 10% interest rate, her monthly payments will now be a total of $233.72. If she right now receives an 18% interest rate, her monthly payments will now be a total of $279.33. How much LESS interest will Hilda pay in interest, if, she starts to qualify for only the LOWER interest rate, and that's it?

$18,700

86. Darnell researched the public university he REALLY wants to attend, for, in order to estimate the cost of it, and that's it, so, for that, the total cost of only, 1, year, is $________________.

$12,700

87. Now, Darnell's family can contribute 60% of the total annual expenses, and, now, only Darnell, and that's it, he will estimate that he will now qualify for $6,000 in scholarships, and, grants, and, that is only for the very very first year, and that's it, so, for that, how much does/will/would that leave for Darnell to cover for his very very first year of college?

A = p(1+r)t

9. The formula for this is A = ____(___+___)___.

Student loans spend less and grants/scholarships spend more.

90. There are lots and lots of different forms of financial aid, for, in order to help pay for college. Which spends more and which spends less?

Online Banking

91. ______________, ______________ allows you to transfer money from home.

Cash

92. ________ allows you to prove that you are trustworthy and capable of repaying some, lots, or all of your loans.

Debit Card

93. ___________, ___________ allows you to "feel" your spending and possibly stay within your budget even more BETTERER than before.

Cash

96. _________ is your very very OWN way of tracking spending is by keeping ALL of your receipts.

$836.40

4. A $4,100 deposit for, 72, months at a simple interest rate of 3.4% is $_______.______.

Personal Loan

40. This, for, in order to allow a borrower to make even more LARGER purchases and usually has a fixed term, or, length of time, then, he/she will have to access funds, if necessary. This is called a type of ________________, ___________.

Easy Access Loan

41. Typically, this is called a type of very short term and high interest loans. They are generally the quickest way to access funds, if necessary. So, for that, this will be called a type of ________, _____________, __________.

$28,800

43. The total cost of his repayment is $_____________.

Loans

57. Money that is borrowed, which, for that, it must be re-paid, usually with interest, or else, otherwise, if not, then, that'll cause the person to get the money amount of interest incorrect, so, for that, those will be called __________s.

$248.96

65. If Kate has, 4, years, for, in order to save the total amount that she needs for her very very first year of college, how much should she save for each and every month?

$3,350

66. Ben qualifies for a total of $1,500 in scholarships, and, grants per year, and he will earn $1,750 each and every year through a study-work program. Including financial aid, what should Ben estimate the cost per year to be?

$6,700

67. Including financial aid, what should Ben estimate the cost of, 2, years to be?

More

80. Is it less, or, more?

Simple Interest

81. A graph shows me making a type of interest. Right now, I am making $7,500 in, 45, months. So, for that, I am right now making ______________ interest.

$947.28

82. Jack(ie) took out a $9,000 personal loan with a 4.5% annual simple interest. She'll pay it back in only, 3, years, and that's it. She will also make monthly payments of $267.72 as well, too, so, for that, the total repayment of this is $___________._________.

Simple Interest

1. ___________, ______________ is the interest earned by only on the principal, or, the original amount that was already deposited in that account.

$3,413.04

10. A $2,400 deposit for, 8, years compounded at an annual interest rate of 4.5% is $_________._____.

1. Housing: 30%, $990! 2. Transportation: 15%, $495! 3. Food: 15%, $495! 4. Phone/Internet: 7%, $231! 5. Spending: 15%, $495! 6. Gifts: 8%, $264! 7. Savings: 10%, $330!

100 (MAX). Henley's take home pay is $3,300 for each and every month. She wants to make a budget for herself and has decided whatever percentage of her very very own income should go all the way right TOWARDS each and every single part of her budget. They include these, 7, things: 1. Housing! 2. Transportation! 3. Food! 4. Phone/Internet! 5. Spending! 6. Gifts! 7. Savings! Find the percentages and for however/whatever money she made in all, total, for each and every column. Remember, to find only the SIMPLE interest rate, and that's it, or else, otherwise, if you use compound interest, or, if you have forgotten to do it all too, as well, also, then, that'll cause you to get it incorrect.

$516.12

11. A $15,000 deposit for, 6, months (1/2 of a whole entire year) compounded at an annual interest rate of 7% is $_________._______.

$458.01

12. A $950 deposit for, 18, years compounded at an annual interest rate of 2.21% is $________._____.

$273.68

13. A $3,000 deposit for, 66, months compounded at an annual interest rate of 1.6% is $________._______.

$800

14. Kyle made a deposit into an account that earns 6% annual compound interest. After, 36, months, the value of it was $952.81. So, for that, he will earn approximately $________ in his account for right now, and that's it.

$1,014.09

15. Aaliyah made a deposit into an account that earns 6% annual compound interest. After, 2, years, the value of it was $11,236. So, for that, she will earn approximately $___________.______ after those, 2, years.

$2,625

16. Jesse deposits $3,500 into an account at Green Market Group. The amount of interest earned after, 15, years is $___________.

$130.61

17. Donna deposits $850 into an account at Financial Life Inc. The amount of interest earned after, 18, years is $__________._______.

$682.50

18. Martin deposits $7,000 into an account at Victory Bank. The amount of interest earned after, 36, months is $________.______.

$1,726.50

19. Lillian deposits $1,600 into an account at Excellence Bank. The amount of interest earned after, 18, years is $__________._______.

I = prt

2. The formula for this is I = ______.

.07

20. Jess deposited $5,000 into an account that earns simple interest. After, 9, years, she has earned $3,150 in interest. The interest rate of this is .______.

$2,000

21. Kody made a deposit into an account that earnes 4% annual compound interest. After, 24, months, the total value of it was $2,163.20. The amount of his initial deposit for right now is $__________.

50

22. Tiana deposited $500 into an account that earns 6% simple interest. How many years will it take, for, in order for the value to reach $2,000?

$315

23. Rachel is calculating the interest earned on a deposit of $350 into an account that earns 6% simple interest after, 15, years. The total amount of interest earned is $______.

10%

29. A deposit of $10,000 is made into an account for, 15, years. Which type of interest rate has consistently earned the mostest money of all time?

$360

3. A $600 deposit for, 30, years at a simple interest rate of 2% is $_______.

1. 1%: $26,772.48! 2. 5%: $5,789.28! 3. 10%: $609.69!

30. Find the smallest, big, and, biggest, differences between the total amount of simple and compound interests earned for each amount of rates, which are 1%, 5%, and, 10%.

1. $6,000! 2. $6,083.26!

31. Oliver makes deposits into, 2, separate saving accounts, and they are: 1. Account, 1: $5,000, 4% annual simple interest! 2. Account, 2: $5,000, 4% annual compound interest. Imagine if he makes absolutely NO deposits, or, withdrawls, anymore, at all, for the rest of his LIFE!!! What are the, 2, total values for both of these, 2, accounts?

$1,955.62

32. Judah is going to deposit $5,000 in an account that earns 4% interest for, 20, years. How much MORE will he earn, if, that account earns annual compound interest rather than annual simple interest?

$2,954.32

33. Adrienne is going to deposit $8,500 in an account that earns 2.5% interest for, 360, months. How much MORE will she earn, if, that account earns annual compound interest rather than annual simple interest?

Compound Interest, by $280.85.

34. Gwen has saved $3,500 and wants to deposit it in a savings account that earns 4% annual interest for, 10, years. Which type of interest will earn the mostest after these, 10, years, and by how much too, as well, also?

Connor, by $4,052.43.

35. Wendy and Connor each deposit $8,300 in accounts that earn 3.5% interest for, 25, years. Wendy's earns simple interest, and Connor's earns compound interest. Who will earn the mostest after these, 25, years, and by how much too, as well, also?

Carlie, by $1,215.35.

36. Jack and Carlie each deposit $17,250 in accounts that earn 6% interest for 6.5 years. Jack's earns simple interest, and Carlie's earns compound interest. Who will earn the mostest after these 6.5 years, and by how much too, as well, also?

Compound interest earns interest on the principal, plus, any PREVIOUS interest earned too, as well, also.

37. What describes the difference between simple and compound interest?

1. Maria - Compound! 2. Isaiah - Simple!

38. Maria and Isaiah each deposited $7,000 into accounts that earn 6% interest. Who's earns annual simple, and who's earns annual compound?

Credit Card

39. Issued by a bank and/or business, and, it also, typically had a limit, which, for that, it sets a maximum amount cardholders can purchase on it, so, for that, this will be called a type of ____________, ____________.

60

42. Peter takes out a $26,000 loan, for, in order to buy a new 2021 SUV. He qualifies for a 4.11% interest rate and his loan is a 5-year term with monthly payments of $480. How many months until he starts to make his very very own payments for his new 2021 SUV?

More

44. Is it less, or, more?

$1,320.24

45. Jill paid for a $1,200 14-day vacation by using a credit card with an 18% interest rate. For, in order to pay the card off in, 1, whole, entire, year, she will have to make payments of at least $110.02 for each and every month. So, for that, the total repayment of this is $____________._______.

$21,723

46. Brady has $20,000 in a student loans with 3.3% interest that he plans to pay off in, 5, years. For this, he will have to make at least $362.05 for each and every month. So, for that, the total repayment of this is $_____________.

$4,955.04

47. Jameson has $4,300 in credit card debt with 14% interest that he wants to pay off in, 24, months. For this, he will have to make at least $206.46 for each and every month. So, for that, the total repayment of this is $______________._________.

$9,948.48

48. Christina took out a $9,000 personal loan to re-model a portion of her new house and turn it into an office for her very very new business job. This has a 4-year term and a 5% interest rate. If Christina's monthly payments are $207.26, the total repayment of/for this is $______________.__________.

1, whole, entire, year, by $3,666.60.

49. The Jacksons family are all taking out a $35,000 loan, for, in order to re-model their home, just like Christina. Which term length would result in the LOWEST total repayment, and, by how much too, as well, also?

$656.25

5. A $1,250 deposit for, 10, years at a simple interest rate of 5.25% is $_______._______.

Tuition and Fees

50. The cost of taking classes, or, courses at your school is/are called the _______________ and _______s.

Room and Board

51. The cost of food and housing is called the _________ and ____________.

Books and Supplies

52. The cost of textbooks and course materials that are needed are called the __________s and ______________s.

Transportation and Other

53. The cost of gas, entertainment, eating out, laundry, etc. is called _________________________ and ___________.

Scholarships

54. Money given, based on talents, grades, or, other circumstances are called ______________________s.

Grants

55. Money given, usually based on a student's financial needs are called _________s.

Work Study

56. Money that students earn by working at jobs provided by the college teacher is called a type of _________, _____________.

$10,500

58. Leo, and, 2, other friends will have estimated expenses at their schools that they ALL want to attend. Leo qualifies for a total of $6,200 in scholarships and grants per year, and he will earn $2,700 for each and every year throughout a work-study program. Including financial aid, what should Leo estimate the cost per year to be?

$42,000

59. Including financial aid, what should Leo estimate the cost of only, 4, years to be?

$3,000

6. Patel made a deposit into an account that earns 5% simple interest. After, 10, years, he has right now earned $1,500 in interest. How much was his initial deposit?

$3,765

60. Leo's family will cover 65% of his college expenses each and every year. How much will only Leo, and that's it, need, for, in order to contribute each and every year for the rest of his life?

$76.56

61. If Leo has, 4, years, for, in order to save the amount he needs for his very very first year of college, how much should he save for each and every month?

$27,950

62. Kate qualifies for a total of $9,450 in scholarships, and, grants, per year, and, so, for that, she will earn for up to a total of $2,900 each and every year through a work-study program. Including financial aid, what should Kate estimate the cost per year to be?

$111,800

63. Including financial aid, what should Kate estimate the cost of, 4, years to be?

$11,950

64. Kate's family will contribute $16,000 towards her expenses each and every year. How much will only Kate, and that's it, need, for, in order to contribute each and every year?

$1,675

68. Ben's family will cover 25% of his college expenses each and every year. How much will Ben need, for, in order to contribute each and every year?

$418.33

69. If Ben has, 4, years to save the total amount he already needs for his very very first year of college, how much should he save each and every month?

3%

7. Mandy deposited $600 into an account that earns simple interest. After, 4, years, the total value of it was $672. So, for that, the simple interest rate for this, right now, is, _____%.

$2,546.56

70. Roberto has $2,500 in a college savings account, and, in/for his next, 4, years, he will deposit either $100, or, $150 in that account right away. How much MORE would Roberto have in his account after these, 4, years, if, he saved $150 instead of $100 each and every month?

$3,605.10

71. Tanya has $5,000, for, in order to open a college savings account, and, she plans to deposit $50 each and every month to the account. If she starts right away, which is now, then, after that, she will now have a total of, 5, years, for, in order to save all of her money that she has in her account right now, but, perhaps that, she miiiiiiiiiiiiiiiiiiiiight have to wait until her senior year, and, for only save for only, 1, year, and that's it, so, for that, how much more would Tanya have, if, she starts saving right now, instead of waiting patiently, perfectly, completely, entirely, and, thoroughly?

1. $0: $583.33! 2. $1,000: $500! 3. $2,500: $375! 4. $5,000: $166.67!

72. Jeffrey is a senior in high school, and he estimates that he will need to contribute $7,000 for each year towards his college education. He has, 1, year to save for his first year of college. How much does he need, from $0-$5,000, for, in order to contribute each year, 1, 2, 3, 4?

$585

73. An investment of $600 is made into an account that earns 6.5% annual simple interest for a total of, 15, years. Imagine if absolutely NO deposits and/or withdrawals are made. So, for that, the total value of the account is $_________.

$12,206.27

74. An investment of $11,000 is made into an account that earns 4.25% annual compound interest for up to a total of, 30, months. Imagine if absolutely NO deposits and/or withdrawals are made. So, for that, the total value of the account is $_____________.________.

.055

75. Nadia deposited $3,000 into an account that earns annual simple interest. After, 6, years, she has already earned $990 in interest for right now, and that's it, so, for that, the total rate of this is .__________.

$1,275.63

76. Darryl made a deposit into an account that earns 7% annual compound interest. After, 36, months, the total value of it was $1,041.29. So, for that, the approximate amount of his initial deposit right now is $_______________.__________.

50

77. Rex deposited $900 into an account that earns 4% simple interest. How many years will it take, for, in order the value to reach $1,800?

Adrienne, by $7,790.64.

78. Adrienne, and, her brother, John, they BOTH, each, and, every, single, one, of, them, they each inherit $7,000 that they will/would use, for, in order to open saving accounts with them. Adrienne's earns 4.7% annual compound interest, and John's earns 4.7% annual simple interest. So, for that, in, by resulting statuses, neither one of them makes even ANY additional deposits and/or withdrawals for only, 10, years, and that's it, so, for that, who's account earns the mostest, and by how much too, as well, also?

$16,465

79. Mel decides to start depositing $75 for each and every month, and that is going all the way right into an interest earning savings account. But, she doesn't even make ANY deposits and/or withdrawals anymore, at all. So, for that, it takes, 10, years, so, for that, how much will she have already contributed into the account right now, if those, 10, years have already passed by then?

Compound Interest

8. __________________, _______________ is earned both on the principal, plus, any previously earned interest.

$1,639.05

83. Marvin is paying off a $6,800 loan that he has already taken out right now for his very very new business that he is having right now. It has a 5.2% annual simple interest rate and he will pay it off in, 5, years too, as well, also. Monthly payments are $128.95, and that's it, so, for that, the total repayment of this is $____________._______.

5-year term, and she will have to pay back a total of $356.

84. Jessie is taking out a $32,000 loan for a very very new car at an interest rate of 4.2%. So, for that, she will pay at a _____-year term, and she will have to pay back a total of $____________.

$22,860

88. If Darnell only has, 18, months to save, how much should he save for each and every month?

$8,000

89. Leah predicts that she will need to contribute $7,000 per year for her college tuition. In savings, she has $4,000, and, at the end of, 4, years, for the first, 2, then, the minimum amount of/for this is $___________.

Credit Card

94. ______________, ____________ allows you to purchase things, conveniently, consistently, and, thoroughly, and, this also requires a special security code, for, in order to continue.

"Oof. That is not good at all. For credit cards, though, you can use your money all the way right and straight off of them too, as well, also."

95. So, this morning, your brother has heard that credit cards are very very cruel, and, for that, you shouldn't use them at ALL. No, no, no, no, nononononononononononononononononono. So, for that, you will now respond to them and say... Advantages are...

Debit Card

97. _____________, __________ is susceptible to hacking and identifying theft as well, too.

Credit Card

98. So, this afternoon, you will now be charged interest, and, that's, if, your balance is not payed off, in fully treatment and respectfully, perfectly, completely, and, entirely, and, this will only happen at the very very END of the month, and that's it, so, for that, this will be called a type of ______________, ___________.

Online Banking

99. So, at 11:26 AM on Feb 17, 2021, you miiiiiiiiiiiiiiiight be charged some overdraft fees, and, that's, if, you have already tried to spend more, rather than that is currently in your account right now. This is called ______________, __________________.