8TH GRADE PERSONAL FINCANCIAL LITERACY REVIEW

Monica wants to open a savings account with a deposit of $3,000.  Monica will not make any additional deposits or withdrawals after she opens the account.  What will be the total balance of the account after 5 years if it earns 2.1% annual simple interest?

• $315.00

• $2685.00

• $3315.00

• $3328.51

Tags

CCSS.7.RP.A.3

A store is having the sale below this weekend.  What will be the cost of a computer that originally costs $690.00?

 

·         All laptops priced $499 and under are currently 20% off.

·         All laptops priced $500 and above are currently 25% off.

• $172.50

• $517.50

• $138.00

• $552.00

Tags

CCSS.6.RP.A.3C

Larry put $1287 into a savings account 8 years ago. 

·         The account earned 4% simple annual interest.

·         He made no additional deposits or withdrawals.

Based on this information, what is the balance in dollars and cents in Larry’s savings account at the end of these 8 years?

• $411.81

• $875.16

• $1698.84

• $1761.35

Tags

CCSS.7.RP.A.3

A student’s parents invested $5000 in a college savings account that pays 4.85% annual simple interest.  No additional deposits or withdrawals will be made.  Which amount is closest to the interest earned on the account at the end of 15 years?

• $5174.11

• $10174.11         

• $3637.50

• $8637.50

Tags

CCSS.7.RP.A.3

Ben deposits $1750 into an account that earns 2.75% annual compound interest.  Ben does not make any additional withdrawals or deposits.  Which amount is closest to the amount of interest the account has earned at the end of 2 years?

• $97.57

• $1847.57

• $3597.57

• $96.25

Maggie would like to borrow $12000 to buy a new car.  She is comparing two companies to finance her loan.  The information below was provided by each company.

 

·         Company A will give her a 6-year loan with 7.9% interest with monthly payments of $245.67.

·         Company B will give her a 5-year loan with 9% interest with monthly payments of $290.00.

Which of the following statements is true?

• Company A is the better choice because they will pay about $188 less.

• Company A is the better choice because they will pay about $288 less.

• Company B is the better choice because they will pay about $288 less.

• Company B is the better choice because they will pay about $188 less.

Tags

CCSS.8.F.A.2

CCSS.HSF.IF.C.9

Taylor is going to buy a new air conditioner.  She can finance with the store or she can borrow the money from the bank.

Use the table to calculate the amount of interest she will pay at 13% for 3 years.

• $13900

• $300

• $900

• $3900

Tags

CCSS.7.RP.A.3

The table shows the cost per year of attending different types of colleges.

A student is planning to attend college in 5 years.  The student has saved $1,200 and plans to save another $50 per month over the next 60 months.

Based on this information about the student’s plan, which statement about the possible choices for a college is true?

• The student would be able to afford the costs for one year at a private 4-year college.

• The student would be able to afford out-of-state costs for half a year at a 4-year public college.

• The student would be able to afford in-state costs for a half a year at a public 4-year college.

• The student would be able to afford in-state costs for one year at a public 2-year college.

An eighth-grade student estimated that she needs $8800 for tuition and fees for each year of college.  She already has $5000 in a savings account.  The table shows the projected future value of the account in five years based on the different monthly deposits.

The student wants to have enough money saved in five years to pay tuition and fees for the first 2 years of college.  Based on the table, what is the minimum amount she should deposit in the savings account every month?

• $200

• $300

• $100

• $400

Tuition for one year at a state university is about $13000.  Devon would like to attend this university and will save each month for the next 4 years.  His parents will give him 40% of his first year of tuition.  Which plan shows the minimum amount of money Devon must save to have enough money to pay for his first year of tuition?

• Save $108.33 per month for the next 4 years.

• Save $162.50 per month for the next 4 years.

• Save $650.00 per month for the next 4 years.

• Save $270.83 per month for the next 4 years.