Quiz Maker LogoMake your own QuizCopy & Edit
Make your own quizManage my QuizzesPlans / FeaturesGuides and HelpContactPrivacy & Security

Personal Finance Lesson 7: Understanding Interest

A loan is
An amount of money you will borrow and pay back over time
An amount of money you will NOT
Monies that are a gift
An amount of money that can earn interest, depending on how long it takes to pay it back
The priciple of a loan can be defined as
The loan amount plus interest and fees
The original loan amount
The minimum amount you can finance
The amount of money needed
The standard formula for calculating interest is:
I = PRT (Interest = Principle x Rate x Time)
I = P/ RT
P = IRT
Dependent upon a your personal credit
An example of a lender would be:
A bank
A credit union
A financing company
A private person
Interest rates can be
Fixed
Variable
Dependent upon loan amount
Influenced by APR and other factors
Annual interest rates are figured by
The month
The week
Daily
The year
Simple Interest is
Paid only on the principle
Paid on the principle and the interest
Includes APR, the principle & quarterly fees
Not a legitimate form of interest
In the formula I = PRT, R stands for
The time is takes to repay the loan
The interest
The amount borrowed
The percent used to calculate the interest, or the rate
Compound interest is
Money paid only on the principle
Money paid on the principle and includes the interest that has already been paid on the principle
Has been compounded at regular intervals such as monthly, quarterly, or daily.
It can be complicated and vary by the terms of the loan
Programs or apps for your phone such as loan calculators can help consumers calculate interest and be an educated, informed consumer
True
False
{"name":"Personal Finance Lesson 7: Understanding Interest", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"A loan is, The priciple of a loan can be defined as, The standard formula for calculating interest is:","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}

More Quizzes

QUIZ: Grey Jumps Racehorses
1050
Self Awareness Test
10525
CODOLYMPICS
251246
Modern/Innovative Learning Environments. My name is Maegan Henderson-Price and I am a postgraduate student at Massey University. This survey on quiz-maker.com is about how Modern/Innovative Learning Environments support children with diverse needs, and  is part of my studies on Inclusive Education.  You will not be asked for your name and all responses will be anonymous and used only for my assignment. It will take approximately 5 minutes to complete, and you can decline to answer any questions by leaving them blank.  If you have any questions please contact Maegan on maeganhenderson.price@gmail.com. By completing this survey, you are giving permission for your responses to be used as part of this assignment.”  Thank you for taking the time to respond. 
940
Mennyit tanultál a méhekről?
740
How much do you know about Emily?
520
LGF 103, Present Simple/Continuous
1580
Plevin and PPI Quiz
10528
Groot Quiz
20100
Friyay Quiz
15810
Networks Revision Quiz
10517
Song Symphony
24120
Quiz Maker Logo Make your own Quiz
Powered by: Quiz Maker