TERMS
To take money OUT of an account.
DEBIT
If the PRINCIPAL is $100 and the interest amount is 5% what is the Interest after 1 year?
Five Dollars
AMOUNT $1276.28
What are cash benefits
you have the correct amount you only spend what you have
New shoes- the top of the line
Wants
To put money into an account
Deposit
If the principal amount is $1500 at 4% what is the SIMPLE interest amount after 10 years?
600 Dollars
What is the Compound Interest AMOUNT on a principal of $5500 at 6% over 3 years
Amount $6550.59
What are credit benefits
you can buy things online
you can buy things ahead of pay(cash)
Rent/Mortgage a place to shelter you
NEEDS
The person whom you are paying
Payee
The principal amount is $1200 at 3% over 5 years.
180 Dollars
What is the AMOUNT on $6350 Principal at 7% over 4 years? compounded annually
$8323.55
What are the benefits of INTEREST?
You GAIN money
You make money
The amount you should budget for NEEDS
50%
The amount earned in a savings account
Interest
Simple interest on $2500 at 3.5% over 3 years.
$262.50
What is the compounded AMOUNT on a principal deposit of $8500 at 7.5% over 8 years?
$15, 159.56
What are the benefits of a cheque?
You can set up auto deposit
you can POST date a payment
you can pay someone who does yard work for you without cash
The amount you should budget for savings/debt repayment
20%
Interest that is accrued on top of interest.
Compound Interest
Simple interest on Principal $4500 at 8% over 6 years.
$2160
What is the AMOUNT on a principal deposit $1250 at 3% over 3 years? Compounded annually
$1365.91
What are the benefits of having CREDIT?
Good credit allows you to borrow more money
Good credit allows you to get a place to live
Good credit allows you to get more credit
Where you can shift amounts to other budget %
GIVE 3 GOOD ANSWERS
Savings- to pay off debt/emergency expenses (lost your job)
Hygiene - I don't need any makeup- special products
Entertainment- I can get by with a few games and an App or 2 for a few months
I can get a room mate- save 50% of the rent
I can bike/walk/car pool to work and cut down my transportation costs
I can make all my own meals, pack my lunches to save on Entertainment (don't eat out/UBER eats)
I can have friends over for a pot lucK- game/movie night instead of going out.