If Michael has 18% interest on his credit card, how long it will take it his money to double?
What is 4 years?
What is saving?
What is the income you put away?
Money that you pay off later
What is credit?
Protects the funds of banks and savings accounts
What is the FDIC?
Quick and easy method of calculating the interest charge on a loan
What is a simple interest?
If Brian's APR was 22% with no payments and fees, how long will it take to double his money?
What is 3.27 years?
Where does your money go to when you open a savings account?
What is a bank?
When you pay off your credit
Checking accounts, savings accounts, money market deposit accounts, and certificate deposits
What are the four things that the FDIC protects?
The addition of interest to the principal sum of a loan or deposit
What is compound interest?
If you invested $3000 into a common stock and you earned 6% interest annually, how many times will your money 36 years later?
What is 12 times?
How many different types of savings accounts are there?
What is seven?
The different kinds of credit cards
What is installment, revolving, charge, and service?
$250,000
What is the standard insurance amount per depositor from the FDIC?
Based on the principal amount of a loan or deposit, while the other is based on the principal amount and the interest that accumulates on it in every period
What is the difference between simple and compound interest?
How many times will a $50,000 investment that earns 5.54% interest double after 39 years?
The return you receive from a bank after putting it into a savings account
What is interest?
The calculated score of your ability to pay off your credit
What is credit score?
A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates
What is a credit union?
P×i×n
What is the formula for simple interest?
For a small company stock, if it takes 6 years to double their money, how much interest is there?
What is 12.6%?
Requires a higher minimum balance, pays more interest than other bank accounts and allows few monthly withdrawals through check-writing privileges or debit card use
What is a money market account?
Minimum and maximum credit score
What is 300 to 850?
What are banks are for-profit institutions, while credit unions are non-profit?
What is the formula for compound interest?