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Transition Final Exam

Authored by Dennis Tolle

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11th Grade

Transition Final Exam
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paige borrowed $1,400 at 9.5% simple interest and paid it all back one year later. How much did she pay back in total (interest plus loan)?

$133

$1,533

$1,666

$127.75

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lance took out a 2-year loan for $3,500 at 9.75% interest. If he repaid $4,182.50, how much interest did he pay?

$815.59

$407.79

$341.25

$682.50

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Chuck has a balance of $956 on his credit card. The minimum payment is 3% of his balance. Calculate his minimum payment.

$9.56

$28.68

$19.56

$38.24

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How long does bankruptcy information stay your credit report?

3 years

7 years

10 years

12 years

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the money a bank or credit union loans you?

principal

interest

origination fee

market value

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What a lender charges you to use their money

principal

interest

asset

market value

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of interest accumulates the fastest?

compound

simple

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