Unit 5

Front

How many days are there from June 24th to August 6th?

Back

43 days.

Tags

CCSS.3.MD.A.1

Front

What is a prepayment penalty in loans?

Back

A fee charged to a borrower for paying off a loan early.

Front

If a loan balance is $2,980.08 and the prepayment penalty is 6.7%, what is the total amount to pay off the loan?

Back

$3,179.75.

Tags

CCSS.7.RP.A.3

Front

How do you calculate the penalty fee for a loan?

Back

Multiply the loan balance by the prepayment penalty percentage.

Tags

CCSS.7.RP.A.3

Front

What is the formula to find the interest rate from the interest paid?

Back

Interest Rate = (Interest Paid / Principal) * (12 / Time in Months) * 100.

Tags

CCSS.7.RP.A.3

Front

Celina paid $650 interest on a loan of $12,250 for 7 months. What is the interest rate?

Back

9.1%.

Tags

CCSS.7.RP.A.3

Front

What is the total cost of an item if you pay a down payment and monthly installments?

Back

Total Cost = Down Payment + (Monthly Installment * Number of Months).

Tags

CCSS.8.EE.C.7B

Front

If Mack pays $1,500 down and $438 monthly for 24 months for skis, what is the total installment price?

Back

$12,012.00.

Tags

CCSS.7.EE.B.3

Front

What does it mean to pay a loan off early?

Back

It means to pay the remaining balance of the loan before the due date.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is the significance of understanding prepayment penalties?

Back

It helps borrowers make informed decisions about paying off loans early.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5