Credit
True or False
If my credit card is stolen, I must pay $50 to cancel any future unauthorize charges on it once I notify my creditor.
What is false?
True or False
A ten-year loan will have lower monthly charge than a two-year loan of the same amount.
What is true?
If your savings are compounded semiannually, then the n value of your compound interest formula is equal to this.
What is 2?
Converting interest rates from a percent to a decimal requires you to divide by this value.
What is 100?
The interest rate in the compound interest is represented by this letter.
What is r?
What does the "A" in APR stand for?
What is annual?
If the monthly charge for my two year loan is $30, then calculate my total payment for that loan.
What is $720?
Your initial deposit or investment into an account is known as this "P" word.
What is principal?
Your interest rate for the whole year is referred to as these 3 letters abbreviation.
What is APR?
If a deposit is being compounded annually, this variable can be removed for the compound interest formula.
What is n?
My average daily balance on my credit card for the last billing cycle was $200 and my APR is 12%. Calculate my finance charge for the cycle.
What is $2?
The finance charge of my one year $2000 loan is $240. Calculate my APR.
What is 12%?
If you deposit $100 into a saving account with a 10% interest rate compounded annually. What will be the balance of your account after 2 years?
What is $121?
If my monthly interest rate is 0.025, calculate my APR.
What is 30%?
You can solve for this by subtracting your total payment of a loan and the original amount you borrowed from the bank.
What is the finance charge?