Compound Interest
What is the Definition of Annually
Once a year
Joe worked from 9:30AM - 5:25PM. How long did he work for?
7:55hr
Do credit card companies want you to make the minimum payment?
Yes
No
IDK
Yes
What are Payroll taxes?
Taxes paid into certain government programs.
Money collected to fund certain programs.
What is credit limit?
The maximum amount you can borrow on your credit card.
What is the Definition and Value of Monthly?
Once a month, 12
Bob earns $550 working 25 hours. How much does she earn per hour?
What is a minimum payment?
The smallest amount you can pay on a credit card balance to avoid late fees and other penalties.
Payroll taxes are paid by who?
By both the employer and employee
What is the most important factor in maintaining a high credit score?
Consistently making on-time payments.
What is the value of Biweekly?
David earns $100,000 per year in salary. How much is his Gross Paycheck if he is paid Weekly? Round to the nearest tenth.
$1,923.1
How do you solve for Simple Interest?
Simple Interest = P * I * T
P = Principle (loan amount)
I = interest rate
T = time (years)
Give an example of Payroll tax.
Social Security taxes
Medicare taxes
Unemployment insurance tax
State unemployment insurance tax
Federal Unemployment Tax Act (FUTA)
Workers’ compensation insurance
Income tax
Which of these DO NOT impact your credit score?
Credit Utilization
Deposits & Withdrawals
Length of Credit History
Types of Credit in Use
New Credit
Deposits & Withdrawals
What is the Formula of Compound Interest?
A=P(1+r/n)^(n)(t)
Heather earns $300 per week in guaranteed salary plus a 20% commission on sales over $500. How much did she earn if her sales were $2000 last week?
$600
If I have a loan of $10,000 with a 4% interest rate and I have 2 years to pay it off. How much am I paying in total including interest?
$10,000 * .04 * 2 = $800
$10,000 + $800 = $10,800 total being paid
Which is false about Income tax?
Can be taxed at national or state level.
National income tax rate is dependent on income.
State income tax rate is dependent on state.
National income tax rate is dependent on income.
It's actually Federal.
Name one way how your credit score is calculated.
Payment History
Capacity
Length of Credit History
New Credit
Mix of Credit
In the Formula, what does T represent?
Number of years (time)
Tim gets paid $23 per hour. For anything over 33 hours, he is paid overtime. He worked 49 hours this week. What is Tim's gross pay this week?
$552
Solve for simple interest.
Emily took out a loan for $1,350 at a 7% interest rate for 3 years. How much simple interest does she pay?
$283.5
What percent goes into medicare / social security? Pick one.
1.45% goes into medicare
6.2% goes into social security
New credit makes up about how much percent of credit score?
About 10%