Simple Interest
What is the formula for simple interest?
I=PRT
Expenses that remain the same each month, like rent or a car payment
fixed expenses
A card that deducts money directly from your bank account when making purchases
debit card
where to buy second-hand clothing?
garage sale, community sale, online
This is the initial amount of money borrowed or invested.
Principal amount
Expenses that change from month to month, like groceries or entertainment
variable expenses
A secure way to instantly transfer money electronically between individuals using email or phone numbers
e-transfer
The act of using money to purchase goods and services
spending
True or false: Loan payments are a form of earnings
False
A structured plan outlining income, expenses, and savings goals
financial plan
A card that allows you to make purchases by borrowing money from a bank
credit card
A program that offers rewards, points, or discounts to repeat customers
customer loyalty program
If the principal is $5,000, the rate is 4%, and time is 3 years, the simple interest is this amount
$600
When income and expenses are equal in a budget, it is called this
balanced budget
A method of sending money electronically from one bank to another
wire transfer
An advantage of buying second-hand items
saving money
If the simple interest on $8,000 at an annual rate of 7% is $1,680, this is the time period of investment
3 years
The process of setting objectives, assessing resources, and making informed decisions about money
financial planning
A major downside of using cash instead of digital payments
theft
A reward offered by a company to encourage consumers to buy ot use its products/services
Incentive