Interest, Investing, Borrowing, Budgeting and Saving

PARTNER PRACTICE

1. Brissa needs a $2,500 loan in order to buy a car for college. Which loan option would allow her to pay the least amount of interest back?

PARTNER PRACTICE

2. What is the total amount in your account if you started with $5000 at 7.5% compounded interest rate for a period of 20 years.

PARTNER PRACTICE

4. A deposit of $7,912 is made into a new account that earns 5.75% simple interest. No additional withdrawals will be made for 2 years.

Which amount is closest to the balance in the account at the end of 2 years?

PARTNER PRACTICE

5. Jennifer wants to invest $6,100.00 into a savings account paying 3.1% interest compounded annually for 2 years. If no additional deposits or withdrawals are made, how much interest was earned onto the savings account from the interest amount?

PARTNER PRACTICE

7. The total annual cost to attend a community college is $4,000. The college offered a high school senior a scholarship of $1,500. The student can get a student loan for $1,000 but will need to earn enough to pay the remaining cost. It is 5 months until the remaining cost must be paid.

What is the minimum amount the student needs to earn per month to save enough money to pay the remaining cost?

PARTNER PRACTICE

8. A student is planning to attend college in 5 years. The student has saved $600 of and plans to save another $100 per month over the next 60 months. Based on this information about the student's plan and the type of college with tuition cost, which statement about the possible choices for a college is true?

Select TWO choices that apply.