Simple Interest -When money is borrowed, interest is charged for the use of that money for a certain period of time
Compound Interest- Earning additional interest on interest. Once you earn your first interest payment, it is added into the principal.
Continuous Compound Interest- The process of earning interest on top of interest. The interest is earned constantly, and immediately begins earning interest on itself.
100
Calculate the simple interest for this scenario:
Principal value of $500, Rate of 3%, Time of 3 years
$45 in interest
100
List three successful budgeting strategies:
Answers may vary
100
What's the better deal?
Easy Mac pasta $1.69 for 12 oz OR Store brand $2.75 for 24 oz.
0.11 cents for the Store Brand
100
How many feathers does the average turkey have?
Approximately 3,000. Other sources said 3,500
200
What's a W4 form?
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
200
Find the compound interest of this scenario:
Principle= $450, rate= 5%, n= quarterly compounded, time= 3 years
$467.08 interest
200
In this list, what items are fixed and what are flexible spendings: Rent, Entertainment, Car payments, Gasoline, Groceries, Car Insurance, Clothing.
Flexible= Entertainment, Gasoline, groceries, clothing
Fixed= Rent, Car payments, Car Insurance
200
WHich is the best deal? Juice: Apple; 20 oz: $4.79 Orange:15 oz for $3.15 Cranberry: 25 oz. for $5.25
Orange with .21 cents per oz.
200
What does a President traditionally do for a turkey?
He pardons it. As far back as the 1870s, people have given turkeys as gifts to American presidents.
300
What is a budget?
Budget noun - a plan to show how much money a person or organization will earn and how much they will need or be able to spend
Budget verb- calculate how much money you must earn or save during a particular period of time, and plan how you will spend it:
300
Find the continuous compound interest of this scenario:
Principle= $670, Rate= 4% Time=5 and 1/2 years
$834.87interest
300
Fill out the Make A Budget worksheet:
If you don't have an income write $0, but fill out how much you spend on the following categories. Circle your number of expenses each month then add up everyone's expenses in your group.
answers vary
300
Box of pasta: Price= 3.59 Number of oz = ? , Cost per unit = 0.24 cents per oz. SOLVE how many oz's are in the box?
14.95 oz or 15 oz.
300
When was the first Macy's Thanksgiving Day Parade held?
1924. It's always been in New York City and the very first one featured animals from the Central Park Zoo and Macy's employees.
400
Define Unit Price and Total Price
Unit Price - Average prices divided by total units sold.
Total Price - Price an item is sold at
400
What would the rate of this scenario be:
Principle=$750 , Time=6 years , Interest= $200
Remember I/Prt
0.04 = 4% rate
400
HELP YOUR FRIEND: Your friend Eddie makes $45 a month. He spends $200 on clothes each year. He donates $40 a year to charity , He saves $100 for college tuition each year, He spends $85 on a yearly bus pass, He spends $180 on video games each year. First, How much does Eddie make a year? Second, how much is Eddie overspending? Third, Create a budget for Eddie based on his spending patterns so that he's not over spending.
First = $540
Second= $605
($65 difference)
Third=Answers may vary
400
You are deciding between two video store packages. Store A says that if you watch 15 movies or less you only have to pay $10.50 a month. Store B says that each movie you rent will be $1.75 for every movie. Let's say you rent 6 movies a month. Which is the better deal? Is there a better deal?
Both plans you end up paying $10.50. If you only rent 6 movies a month it doesn't matter which store you rent from.
400
How long did the first Thanksgiving last?
The first Thanksgiving lasted a full three days. Three. Days. That's how long the Pilgrims feasted with Massasoit and 90 other members of the Wampanoag tribe.
500
Define each variable used in interest formulas (P) (e) (r) (n) (t)
(P)= principle amount (e)= constant (r)= rate (n)=compound rate (t)= time in years
500
What is the time associated with this scenario:
Principle= 764.50, Rate= 3.5%, Interest= $300
11.2 years.
500
Fill out the purpose of each arrow pointing to various locations of this blank check.
Check number, Routing number, Account Number, Memo, Date, Amount, Written amount, Pay to the order of, Signature.
500
Whats the better plan:
You talk on the phone for 650 minutes each year. Plan A states that you have to pay .50 cents for every minute for the first 500 minutes. After that you need to pay .90 cents a minute. Plan B states, you pay .75 cents per minute. Whats the better deal by the end of the month?
Plan A is the better deal.
500
Which American President was the first to declare a day of Thanksgiving?
George Washington. He issued a proclamation naming Thursday, November 26, 1789 as a "Day of Publick Thanksgivin," according to the National Archives. Congress did not make Thanksgiving a national holiday until 1941.