Financial Institutions
Name two financial institutions.
Bank, Credit Union, brokerage firm, investment bank...
Which kind of card can you earn rewards or cashbacks with?
Credit Card
What is the formula for calculating compound interest?
**check for right answer**
How many digits is a pin number?
4
How many days are in a leap year?
366
Are credit unions, banks, both or neither not-for-profit?
Credit unions
Which type of card uses money you have in your checking account?
Debit Card
Calculate the compound interest when:
P=1500
r=.04
n=4
t=2
1624.26
What is the fee called that is on the money you borrow?
Interest
How many hours are there in a week?
168
Where do banks get money to lend to borrowers?
From their clients' savings accounts
Give an example of an excellent credit score.
Any number between 750-850
Calculate the compound interest when:
P=96000
r=.04
n=1
t=12
153,699.09
What are checks?
Special bank paper used to transfer money
What day of the week is Halloween on this year?
Who uses financial institutions?
Everyone who maintains a savings or checking account
Can opening a new credit card drop your credit score?
Yes
Calculate the compound interest when:
P=1.17
r=.09
n=1
t=5
1.8
What is the agreement called when you rent an apartment?
Lease
When is the next leap year?
2024
Who bears the responsibility of a foreclosure sale?
The lender
How old do you have to be to get a debit card with the guidance of a parent or guardian? Hint: It is not 18
13
Determine the amount of interest earned on a $2500 investment at 5.25% annual interest compounded monthly for 4 years.
$582.78
What does your credit score usually have to be to get any type of loan?
at least 600
How many Harry Potter movies are there?
8