Financial Literacy Test

Mr.Hysten is buying a 2025 Chevy Silverado ZR2 Pickup Truck that costs $77,000. Since he's a brokie, he is financing it for 9 years at a simple interest rate of 9.99%. What would be the total cost of the truck?

• $77,000

• $146,230

• $69,230.70

• $181,413

Ms.Troupe wants a brand new iPhone 15 Pro Max in the White Titanium color that costs $1,199, but has to finance it with compound interest of 30% over 3 years. What would be the cost of JUST the interest on the iPhone? (Round to the nearest whole dollar)

• $2,634

• $1,199

• $1079

• $1,435

Mrs. Cano brings home $4,904.02 each month from her career as a Collaborative Support Teacher. Her husband, Mr.Cano, only pays the mortgage (house bill). Mrs. Cano wants to save $10,000 for a family vacation. According to her budget, how many months will it take for her to save enough money? (HinT: Find the difference between her monthly costs and her monthly budget and then multiply by the number of months needed)

• 2 months

• 3 months

• 4 months

• 5 months

Mrs. Tafolla wants to go back to college to get a Master's Degree in Working Too Hard from the prestigous University of Cost Too Much (UCTM). If Mrs.Tafolla has saved up $20,000 in cash to pay her $56,000 tutition, how much does she need to save PER MONTH to pay for her first year of college in cash?

• $3,000/mo

• $36,000/mo

• $1,666/mo

• $76,000/mo

Simple is a ____time fee.

I can become a millionaire in 10-20 years by using what power to my advantage?

• Simple Interest

• Compound Interest

• Financing

• Cash

True or False, college degrees can only be earned at expensive four-year schools?

Mrs. Gray needs a new Washer and Dryer, so she goes to Lowe's and opens a new Lowe's credit card that will allow her to afford the $2,000 set at a 31.99% interest rate over 7 years. Which number will effect her monthly payment the MOST?

• The cost of the washer and dryer

• The interest rate on the credit card

• How long she's taking to pay back

• The fact that she went to Lowe's instead of Facebook Marketplace

Which option below is the cheapest way to pay for a $500 Xbox?

• On a credit card that allows monthly payments of $15 for 36 months

• Take out a loan from the bank

• Pay all of it with a debit card

• Renting the Xbox from GameStop for a $100 setup fee and then monthly payments of $9 for 48 months.

What is the principal cost of anything?

• The interest rate cost

• The cost of taking years to pay something off

• The actual cost of an item

• The tax cost on buying goods