Vocabulary
Interest
What is the extra money you get paid for lending or investing money, or that you pay for borrowing money?
Gross income
What is the total pay before taxes and other deductions are taken out?
An exponential graph is for what kind of interest formula?
What is compound interest?
You buy a car for $140,548. You pay for this car over the span of 8 years at a rate of 5.9%. In the formula, you will use __________ for the principal, P.
What is 140,548?
Coach Linnell coaches this position for the football team.
What is quarterback?
Present Value
A particular sum of money today is likely to be worth more then the same amount in the future.
37% of $602,000
What is $222,740
The _________ in the compound interest formula tells you that it is exponential.
What is the exponent, t?
An linear graph is for what kind of interest formula?
What is the simple interest formula?
Coach Linnell has this many cats?
What is 3?
Compound Interest
What is interest computed on the original principal as well as on any interest?
If you make $95,376 a year in Minnesota, how much would be taken out of your income for federal taxes?
What is $$22,890.24?
After finding the compound interest in my savings account, I have to subtract it from the money I originally deposited to see how much money I have after t years.
What is false?
If you were buying a car, the simple interest formula would tell you how much you are paying for the car.
What is false?
Coach Linnell got his degree from this college.
What is the University of Tennessee at Chattanooga?
Amortization
What is an accounting technique used to periodically lower the value of a loan over a period of time?
If you make $44,724 a year in Rhode Island, how much money would you have after federal taxes? ________.
What is $39,357.12?
You invest $40,000 in a company and your investment is compounded quarterly for 12 years at 4.8%. You have ___________ money now.
What is $70,912.79?
You take out a loan for a car that is $148,746. The rate is 5.44% and you pay it off in 5 years. The interest you pay for the car is ____________.
What is $40,458.91?
Coach Linnell met his wife at this level of school.
What is high school?
Tax Withholding
Money your employer takes out of each paycheck you earn for taxes. A portion of every paycheck you earn is withheld from your paycheck to pay your federal income tax, Social Security tax, and medicare taxes.
If you make $80,000 a year in Iowa, you would make _________ after federal (22%), social security, Medicare, and state tax (8.53%).
What is $49,456?
You buy a house for $350,000 at a rate of 5.88% compounded monthly. You pay it off in 15 years so you really pay __________ for the house.
What is $843,685.07?
If you wanted to buy a car that had an interest of $1,920 in 5 years, how much money would you need to start saving today if the rate is 4.8%?
What is $8,000?
The EXACT name of the course that Coach Linnell teaches is _________.
What is Mathematical Reasoning for Decision Making?