PF Savings

A simple way to determine how long an investment will take to double given a fixed annual rate of interest.

• Rule of 72

• compound interest

• interest rate

• savings

A relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.

• savings account

• interest rate

• payday loan

• Rule of 72

A type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount.

• payday loan

• title loan

• compound interest

• Rule of 72

Interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.

• savings account

• payday loan

• compound interest

• title loan

Reasons why people use payday and title loans.

• all are correct

• living from paycheck to paycheck

• overdraft fees

• bad credit

You can never save too much or start too early.

• true

• false

What percent of your income should you be saving?

• 10%

• 20%

• 25%

• 30%

Where should I put my savings?

• Savings accounts

• Checking accounts

• Certificates of Deposit (CD)

• All accounts can be used for savings.

People should save money for emergencies to help avoid using credit cards, payday loans, or title loans.

• true

• false

People should not save money for unexpected emergencies.

• true

• false