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Banking
Credit
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Employment
Grab Bag
100
The type of interest earned on an account based on the principal amount.
What is simple interest?
100
The additional cost paid by a debtor for the privilege of having credit.
What is the finance charge? (Applies to loans, installment plans, and credit cards - any type of credit.)
100
The type of insurance the law requires all drivers to have.
What is liability insurance?
100
Working more than the standard amount of hours for a time period; hourly employees earn extra money for this.
What is overtime?
100
How can we calculate the finance charge for a loan or installment plan?
Find the total paid over the course of the loan or installment payments, and subtract the principal or actual cost.
200
The compound interest formula.
B = p(1 + (r/n))^(nt)
200
How do you calculate the monthly periodic rate?
Divide the APR by 12
200
BI insurance is used to pay for what, when?
To pay for injuries to others in an accident you cause, when they sue.
200
What is the difference between the Social Security and Medicare programs?
Social Security - provides income to retirees Medicare - provides healthcare to retirees
200
What is the monthly payment for a 4-year loan for $11,000 at an APR of 8.5%?
What is $271.15?
300
The type of interest earned that is based on the previous balance plus interest earned.
What is compound interest?
300
Sandy's wallet was stolen while she was on vacation. She reported this for her 2 credit cards after she got back from her vacation. By that time, the thief had charged $9,077 worth of merchandise to the cards. How much does Sandy owe?
$100 ($50 for each card)
300
For 100/300/50 insurance, what do each of the numbers mean?
The insurance company will cover a maximum of $100,000 for each person's injuries in a lawsuit, to a maximum of $300,000 for all involved, and will cover a maximum of $50,000 in property damage.
300
In 2009, Yami paid $2,225 in Social Security tax. If the Social Security tax rate was 6.2% to the maximum income of $96,000 that year, what was Yami’s taxable income?
What is $35,887.10?
300
When does PIP insurance pay out?
When injuries occur in an accident but no lawsuit is involved.
400
The APY formula
(1 + (r/n))^n - 1
400
What is the monthly payment for a 30-year loan for $128,000 at an APR of 6.85%?
$838.73
400
Henley’s car costs $33,020 brand new. According to her research, the car depreciates to a value of zero after 13 years. Write the straight line depreciation equation for this car.
y = -2,540x + 33,020
400
Mr. Ortiz has been at his current job for 38 years. He is preparing to retire. His pension is calculated on the average of his last 4 years’ salaries where he earned $71,090, $72,400, $74,250, and $75,100. His employer will give him 2.3% of that average for each year he worked. How much will Mr. Ortiz receive each year as his pension?
What is $63,985.54?
400
Ms. Bowyer’s family is traveling to visit her brother and sister-in-law near Pensacola, Florida. The trip is 1,640 miles. If they were driving, and they could average 70 miles per hour on the trip, how long would it take to get there?
What is 23.4 hours?
500
Jacob’s parents want him to have $45,000 in 8 years for college. What deposit would they need to make now into an account that pays 5.6% interest, compounded daily, to meet this goal?
What is at least $29,000?
500
What is the finance charge for a 30-year loan for $128,000 at an APR of 6.85%?
What is $173,942.80?
500
Jesse bought his car for $23,000. It depreciates at a rate of 6.2% each year. How much will it be worth after he has owned it for 8 years?
What is $13,783.22?
500
Alex was laid off and applied for unemployment benefits. In his state, the unemployment benefit is 55% of the 26-week average of the two highest-salaried quarters of the year leading up to his application. In April, May, and June, Carl earned a total of $11,000. In January, February, and March, Carl earned a total of $14,500. What will his weekly benefits be?
What is $539.42 per week?
500
Lauryn’s 5-year-old car is worth $13,000. When it was new, it sold for $28,000. What is the depreciation rate?
What is 14%?