Finance Flashcard AMDM

Flashcard
•
Mathematics
•
12th Grade
•
Hard
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the formula to calculate monthly payments on a loan?
Back
M = P[r(1 + r)^n] / [(1 + r)^n – 1], where M is the total monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments.
Tags
CCSS.8.EE.C.7B
2.
FLASHCARD QUESTION
Front
What is credit card debt?
Back
Credit card debt is the amount of money owed to credit card companies for purchases made using credit cards, which typically accrues interest.
3.
FLASHCARD QUESTION
Front
What is the impact of a high-interest rate on credit card debt?
Back
A high-interest rate increases the total amount of money that must be repaid over time, making it more difficult to pay off the debt.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What is the difference between simple interest and compound interest?
Back
Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal and also on the accumulated interest.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
What does APR stand for and what does it represent?
Back
APR stands for Annual Percentage Rate, which represents the yearly interest rate charged on borrowed money.
6.
FLASHCARD QUESTION
Front
What is the purpose of a credit score?
Back
A credit score is a numerical representation of a person's creditworthiness, used by lenders to assess the risk of lending money.
7.
FLASHCARD QUESTION
Front
What is the term for the age at which a person typically stops working full-time?
Back
Retirement.
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