QL: Fall Semester Test 2024-25

Front

What is a student loan?

Back

A loan for college expenses.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What is compound interest?

Back

Interest calculated on the initial principal and also on the accumulated interest from previous periods.

Tags

CCSS.HSF.BF.A.2

Front

Calculate the compound interest on a loan of $1500 at an annual interest rate of 3% compounded annually for 2 years.

Back

$91.35

Tags

CCSS.HSF.BF.A.2

Front

What is simple interest?

Back

Interest calculated only on the principal amount, or on that portion of the principal amount which remains unpaid.

Tags

CCSS.7.RP.A.3

Front

A student borrows $1000 at a simple interest rate of 5% per annum. How much will the student owe in total after 3 years?

Back

$1150

Tags

CCSS.7.RP.A.3

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal × Rate × Time.

Tags

CCSS.7.RP.A.3

Front

You borrowed $59,000 for 2 years at 11% which was compounded annually. What total will you pay back?

Back

$72,693.90

Front

What is the formula for calculating compound interest?

Back

Compound Interest = Principal × (1 + Rate)^Time - Principal.

Front

9 months is how many years?

Back

.75

Tags

CCSS.6.RP.A.3B

Front

What does APR stand for in finance?

Back

Annual Percentage Rate.