What is the formula to calculate the time needed to save for a purchase?
3.2 Loans

Flashcard
•
Mathematics
•
11th - 12th Grade
•
Hard
Quizizz Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Back
Time (months) = Total Cost / Monthly Savings
2.
FLASHCARD QUESTION
Front
Define APR in the context of loans.
Back
APR (Annual Percentage Rate) is the yearly interest rate charged on borrowed money, expressed as a percentage.
3.
FLASHCARD QUESTION
Front
What is the impact of a high APR on loan payments?
Back
A high APR increases the total interest paid over the life of the loan, resulting in higher monthly payments.
4.
FLASHCARD QUESTION
Front
How do you calculate monthly payments for a loan?
Back
Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^-Number of Payments)
5.
FLASHCARD QUESTION
Front
If Joe saves $185 per month, how long will it take him to save $2,340?
Back
It will take Joe 13 months to save for the keyboard.
6.
FLASHCARD QUESTION
Front
What does a credit limit refer to?
Back
A credit limit is the maximum amount of credit that a lender extends to a borrower.
7.
FLASHCARD QUESTION
Front
What is the difference between a loan with a 3.5-year term and a 3-year term?
Back
A loan with a shorter term typically has higher monthly payments but less total interest paid.
Create a free account and access millions of resources
Similar Resources on Wayground
15 questions
6.3: Mortgage Application Process

Flashcard
•
11th - 12th Grade
15 questions
Finance Flashcard AMDM

Flashcard
•
12th Grade
15 questions
6.3 Mortgage Application Process Bell Ringer2

Flashcard
•
12th Grade
15 questions
8.3A Mortgage Payments & Escrow Worksheet

Flashcard
•
11th - 12th Grade
15 questions
Compare MPay & Interest, Loan Amortization, Financial Literacy

Flashcard
•
12th Grade
15 questions
Loan Monthly Payments

Flashcard
•
11th Grade
15 questions
4-4 & 4-5: Credit Cards & Statements

Flashcard
•
11th - 12th Grade
15 questions
7.4B Amortization Tables Worksheet

Flashcard
•
11th - 12th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade