Voracious Vocabulary
When you ask a financial institution, like a bank, for money.
What is borrowing?
An institution where one would have accounts to keep money.
A card that has direct access to your bank accounts.
What is a debit card?
Ikveer has $500 dollars that gains 2% interest every year.
What is a yearly interest of $10?
An account with money saved up for after you stop working.
What is a Retirement Savings Plan (RSP)?
When you give money to a person with the intention that they repay you in the future.
What is lending?
An account where money is deposited.
What is a Chequing account?
Physical bills or coins.
What is cash?
Harris has a $1000 loan from the bank and pays 1% interest.
You saved up for 5 months with your income gaining interest at 1% per month for a result of $7,575.
The amount of money a person receives from labor, sales, profit of investments, or property.
What is income?
An account where you deposit money and it gains interest.
What is a savings account?
A card that allows you to buy things and pay for them at a later time.
What is a credit card?
Gurleen borrows $3000 for a family vacation from the bank and pays $90 a month for what percentage of interest.
How much is 3% interest?
Miss R has been approved for a mortgage of 500,000 at an interest of 2.5% per year. It takes her 10 years to pay the mortgage.
How much is $750,000 total spent?
Money paid for the use of money, usually calculated as a percent. You pay it when you borrow money and you earn it when you invest money.
What is interest?
An account where you leave your money, sometimes for years, in order for it to make or lose money depending on how the stock market fluctuates.
What is an investment account?
An online transfer of money from one bank account to another.
What is an e-transfer?
Azra has invested $5,000 into stocks and now has a balance of $5,750 because of what percentage of interest.
How much is 15% interest?
Vansh and Sukhjit have gone shopping and spent $90 before 13% HST.
A type of loan used specifically to buy houses.
What is a mortgage?
A pre-approved maximum amount of money that a bank or other institution is willing to lend you.
What is a line-of-credit?
A paper document that tells a bank to pay a specific amount of money from your account to the person or company.
What is a cheque?
Gurmehar has lent $50 to Joban at an interest rate of 5% per month. Joban pays $60 in the end.
What is four months of repayment with 5% interest?
Tickets to Wonderland are $44.99 before tax. A group of 5 will pay this much after tax.
How much is $254.19 after tax?