The formula to calculate interest on a simple interest account is _____________
What is I = Prt ?
100
The formula for calculating compound interest account balance is ____________
What is " B = P (1 + r) ^ t " ?
100
________ is calculated daily based on the APR on your credit card.
What is "interest" ?
100
On a credit card account, the date by which the
minimum payment must be received every month,
without incurring a late fee or other penalty.
What is "due date" ?
200
A formal evaluation of an individual’s or business’
credit history and capability of repaying
obligations by a credit reporting agency.
What is "credit scoring" or "credit rating"?
200
Anne invests $2000 in a 5% simple interest account for 1 year, the interest is __________
What is $100 ?
200
Helen invests $1200 in a compound interest account at a rate of 3% annually for 2 years, the interest earned after 2 years would be .....
What is $73.08 ?
200
___________can be calculated by adding new balance and available credit together.
What is "credit limit" ?
200
On a credit card account or loan, a fixed percentage
of the balance due which must be paid each
month.
What is the "minimum payment" ?
300
The interest rate used to calculate how much in finance charges will accumulate if the balance isn't paid in full by the due date.
What is "APR" or "Annual Percentage Rate"?
300
Bill invests $2000 in a 5% simple interest account for 15 months, the interest earned is ___________
What is $125?
300
Jimmy invests $2500 in a compound interest account at a rate of 4% annually for 3 years, what is the balance after 3 years?
What is 2812.16?
300
Use the following information to calculate the interest charged after 1 month (assuming only paying the minimum amount)
1) New balance $1375
2) Minimum payment $24
3) APR = 19%
What is $21.39?
300
Joe invests $4300 in a compound interest account with a rate of 5% annually for 4 years. How much interest does he earn after 4 years?
What is $926.68?
400
The maximum amount of credit available on your card.
What is "Credit Limit"?
400
Billy and Jane both invest in a simple interest account, Billy invests $1200 at 4% for 1 year and Jane invests $1000 at 5% for 13 months. Who earns more interest? By how much?
Who is Jane? What is $ 6.17 ?
400
Jimmy invests $2500 in a compound interest account at a rate of 4% for 3 years, Jarvis invests $2200 with the same account for 4 years. Who earns more interests? By how much?
Who is Jimmy? What is 238.47?
400
Use the following information to calculate the interest charged after 3 month (assuming only paying the minimum amount)
1) New balance $1700
2) Minimum payment $30
3) APR = 19%
What is $79.33?
400
Use the following information to calculate the interest charged after 6 month (assuming only paying the minimum amount)
1) New balance $1800
2) Minimum payment $38
3) APR = 19%
What is $167.39?
500
____________ is the amount of money that is borrowed before any interest is applied.
What is the "Principal" ?
500
Ling invests $2500 in a simple interest account with 6% rate for 15 months. What is her balance after 15 months?
What is $2687.5?
500
Mary invests $7000 in a compound interest account at a rate of 7% annually, what is her balance after 27 months?
What is $8151.01?
500
Use the following information to calculate the interest charged after 50 days (assuming only paying the minimum amount)
1) New balance $1950
2) Minimum payment $40
3) APR = 19%
What is $49.71?
500
It will take _______years to pay off a credit card balance of $3000 with APR of 19%, if you only pay the 2% minimum payment.