3.4
Whats the monthly payment calculator?
An online tool used to calculate the balance over a lifetime based on a monthly basis
What does the B,P,r,n,t stand for in the compound interest?
B=Balance
P=Principal
r= Intrest rate
n=Number of times interest is compounded annually
t=time in number of years
What does FAFSA stand for?
Free Application for Federal Student Aid
What is hourly rate?
When you get paid per hour
What is the gross income?
Your income before all taxes are deducted
Whats the definition of a loan length formula
What does APY stand for?
Annual Percentage Rate
A loan issued by the bank
Your hourly pay and your overtime pay
What is disretionary expense?
cost for goos that are nonessential
Hannah is taking out 4.3% loan to purchase an $18,000 car. The length of the loan is 8 years. How much will she pay in interest?
6,192
Whats the simple intrerest formula
I=PRT
What is a federal loan?
A federal government fund
What is direct deposit
Paychecks that are automatically deposited in a bank account
What are the three measures of central tendency?
Mean, Median, and Mode
Whats the monthly payment formula?
M=P(r/12)(1+r/12)^12t/(1+r/12)^12t-1
What is annual percentage rate?
the annual rate of interest
Whats the purpose of a Federal PLUS Loan?
Allow parents to borrow money for college cost
Alex is paid semimonthly. His annual salary is y dollars. Express his semimonthly salary algebraically.
24x
What is Mean, Median, and Mode?
Mean-The value set of scores
Median- The middle score
Mode- The most frequent occurring item
What is the formula for loan length
t=log(M/P)-(log(M/P -r/12))/12ln(1+r/12)
What is the compound interest formula?
B=P(1+r/n)^nt
What is interest capitalization?
Intrest that will be added to loan when the repayment period begins
Free 500 points!
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What are the two types of expense?
Essential expense and discretionary expense