Investing — Unit test Answers

Look at the table below showing an example of a checkbook ledger.

Three friends decide that they each want to be able to buy a new bike in four years. Iliana puts $500 in a savings account with a simple interest rate of 4%. Joann invests $515 in a standard savers account with a simple interest rate of 3%.Cyndy invests $500 in a junior achievers account with a 3.5% compound interest rate.Using the formula for simple interest and for compound interest, who will have the most money to spend on a new bike at the end of the four years?

The best way to research an expensive product is to

Why were savings and loans (S&Ls) originally established?

Which are considered types of credit available to borrowers? Check all that apply.personal loansbondscredit cardsmortgagescashauto loansgift cards

At what point should consumers stop researching a product?

Which is most likely to happen to consumers with good credit? Check all that apply.They can be approved for loans.They are denied a mortgage.They can receive lower interest rates.They are denied an unsecured loan.They can use credit in emergencies.They are forced into high interest rates.

Melanie invests $4,000 into an account offering 4% interest compounded annually. Gina invests $4,000 into a simple interest savings account offering a 4.5% interest rate. What is the dollar amount of the greater balance at the end of five years? Round to the nearest dollar. Use the formula for compound interest; Use the formula for simple interest.

Credit unions differ from retail banks because they are

Companies report people to credit agencies if they

Which best describes the purpose of recording past income and spending in a budget?

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Select three options.Will the warranty cover the cost of any physical damage?Should I buy a different model?Would it be better for me to buy a desktop computer?Is the cost of replacement less than the cost of the warranty?Is the laptop worth the extra expense of the warranty?

Through the successful study of personal finance, an individual will be

What term is used to describe an individual's money and personal property?

Yuri invests $2,000 in an account with compound interest at 6%. Maria invests $3,500 in an account with compound interest at 4%. Using the rule of 72, how many years with it take Yuri and Maria to double their money?