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Transcript of Financial Literacy
Live with Parent/Guardian
Simple vs. Compound Interest
Education and Salary
High School Diploma
Assume that a student loan for $30,000 pays for all 4 years of college and has a 5% interest rate. Calculate how much interest a student will pay on the loan. Then find the total amount that will be repaid. With payments of $250 per month, how long will it take to repay this loan?
You plan to deposit one full month's pay (two paychecks) into an account with simple interest. The interest rate is 2.5%. Calculate the total amount in the account after 5 years.
You plan to save an inheritance of $10,000 for 15 years. Determine whether you are better off with an account with simple interest at a rate of 2% or an account with interest that is compounded weekly with a 1.5% interest rate. Calculate the difference and explain in sentences.
Lower salary check
High salary check
More Debt :(
Live for free!
Normally no pet policy
Also responsible for bills
You will continuously pay rent for as long as you live there.
Never own it. :(
You own it!
Mortgage may be higher than rent
Responsible for all costs
Great asset to establish credit
No car payment
Must live in/near city
Low monthly payment
New vehicle every 2-3 years
Never yours :(
You own it!
Higher monthly payment
Asset to establish credit
Leonard buys a new car for $25,000. Calvin buys a used car for $8,000 and spends $3,000 each year on maintenance. How many years will pass before Calvin spends more money than Leonard has spent?
If you are young and healthy, would you prefer a health insurance plan with lower premiums, but higher deductibles and copays? Or would you prefer a plan with a high premium and lower deductibles and copays? Explain in complete sentences.
You are thinking about moving to a new state that requires higher liability coverage on your car insurance. Your monthly bill would increase by $10.00. However, you would also get a new discount for the new coverage - a 12% discount for parking your car in a safer neighborhood and having a shorter daily commute. Calculate what your new monthly insurance bill would be if you were to go through with the move.
Protects you in the event of an accident.
Discounts for being a safe driver, good grades, clean driving record