APR Quiz Question 1 You’ll see APR listed whenever you are able to borrow money, but what does APR stand for? A Annual Percentage Rate B Automatic Percentage.

Slides:

Advertisements

Similar presentations

Budget. A financial plan drawn up for an individual, a family, a business or a government. It is usually for a period of a month or a year. Done right.

Advertisements

Using Credit Chapter 25, pgs

Chapter 19 Lesson 2 Budgeting Your money.

Debt is when you owe someone money. The someone can be a bank (like a house loanalso known as a mortgage, or a car loan), OR the someone can be a credit.

Simple Interest Section 5.1. Introduction When you deposit money into a savings at a bank you expect the bank to pay you for the privilege of saving your.

Simple Interest Day 2 Formula I = PRT.

Simple Interest Formula I = PRT.

Costs of Using Credit And Types of Credit Credit.

Transparency 6 Click the mouse button or press the Space Bar to display the answers.

HOW CREDIT CARDS WORK What you need to know about credit cards- including what credit cards companies can and can’t do, and what information they have.

Teen Living Objective Identify Sources of Income and Types of Spending.

Credit Cards An Introduction “Hi! Nice to meet you!”

Financial Maths Chapter A and B – purchasing goods (simple interest) and buying on terms.

Lesson 16: Using Credit.

Credit Cards Independent Living. Why learn about credit/credit cards?!  9 out of 10 American families use credit  Mortgage, Medical, credit cards, etc.

Simple Interest And Methods of Payment. * Whenever money is borrowed, the borrower (an individual, organisation or community) pays the lender (a bank.

Section 4C Loan Payments, and Credit Cards Pages C.

SIMPLE AND COMPOUND INTEREST Since this section involves what can happen to your money, it should be of INTEREST to you!

KU122 Unit 4 Seminar Percent Notation KU Introduction to Math Skills and Strategies Seminars: Wednesdays at 8:00 PM ET Instructor: Tammy Mata

The Cost of Credit BBI2O Introduction To Business Unit 3: Finance 3.D Credit.

 Buying on credit = buy goods and services now and pay for them later (usually with interest)  Having credit depends on the suppliers’ confidence in.

Section 4D Loan Payments, and Credit Cards Pages

1.1 Debt, Interest & APR Check out the ‘simple interest explained’ video at © moneyskool.org 2015.

Advantages of using credit cards Ability to use item while paying for it No need to carry cash Use of card builds credit history Quick source of funds.

Credit Card Questions. What is credit?  Borrowing money for a fee with the promise to pay back at a later date. This credit you apply for.  Credit cards.

Credit What YOU need to know!. What is Credit? Credit is borrowing money now to make an immediate purchase and promising to repay it later.

Lesson 5-8 Simple Interest.

DWU #2 Why is it important to understand the loan process? How might consumers get taken advantage of? What are some key concepts that an individual might.

Financial Literacy Michael Bernard, CFP, ChFC, EA.

210 – Payment Function Buying a Car – The ABC’s So you want to buy a car! We must first look at all the variables! Car Price, Down Payment, Interest.

Mathematical Studies for the IB Diploma Second Edition © Hodder & Stoughton Compound interest.

DWU #2 Why is it important to understand the loan process? How might consumers get taken advantage of? What are some key concepts that an individual might.

The Loan Welcome! So you’re looking to finance a car? Before you look at taking out loans make sure that you are financially able to pay for a vehicle.

Lesson 8-6 Pages Simple Interest Lesson Check 8-5.

The Time Value of Money Lesson Starter Objectives Students will be able to –Use a formula to find the future value of a series of payments –Use.

Credit Cards. Questions we will answer… What is credit? What does it cost to use credit? What are the advantages of using credit? Where can you get credit?

CREDIT. QUESTIONS WE WILL ANSWER… What is credit? What does it cost to use credit? What are the advantages of using credit? Where can you get credit?

Credit and loans What do I need to know? Credit card revolving access to a fixed sum of money …revolving…? you can spend up to your credit line whatever.

Credit and Debt. The basic idea You want money (say to buy a house) You go to the bank to borrow some They agree to give you money, but only if you pay.

Sit at the desk Get something out to write with. You will need to take notes! Answer Question on Handout.

Simple Interest. Simple Interest – * the amount of money you must pay back for borrowing money from a bank or on a credit card or * the amount of money.

Financial Literacy Buying a Car.... Finance Options: Savings – Put a regular amount into a Bank Account each month. Expect to receive around 2.75% interest.

Using Credit Wisely Types of Credit Credit Card Allows user to charge amounts in different places Given a credit limit, or maximum amount you can.

1. Debt, Interest & Payments © moneyskool.org. People borrow money for all kinds of different reasons – to buy a house, go to university, start a business.

© Nuffield Foundation 2011 Nuffield Free-Standing Mathematics Activity Annual Percentage Rate.

210 – Payment Function. Buying a Car – The ABC’s So you want to buy a car! We must first look at all the variables! Car Price, Down Payment, Interest.

Debt The National Debt is the total amount of money we owe to countries and people we have borrowed from – How do we borrow? – Treasury Bonds.

5.4 – Compare and contrast the purposes of credit and debit ROLL CALL QUESTION: SCHOOL APPROPRIATE PLANS FOR THE WEEKEND?

Credit Credit: borrowing money to pay for something now while promising to repay it later. Lender: the person loaning the money Borrower: receives the.

Pre-test.  A. Your age  B. The length of time you have had the card  C. The amount of money you owe on your credit card  D. The terms and conditions.

Welcome to our Financial Literacy Workshop Presented by: Maribel Castaneda Kimberly Diaz Brandon Galeano Lucia Machorro Diego Martinez Marbella Pleitez.

Loan Trivia Instructions: 1.Go to the next slide to display the Game Board. Click on the cell for the selected category and dollar amount. 2.The questions.

CHAPTER 12 SAVING AND BORROWING. A. WHY SAVE? 1. Save money for a big purchase 2. Save money for emergencies 3. Save money to give you security 4. Save.

 A holding place for money at a bank.  The amount available to spend in an account.

APR. Short term loans Representative example Borrow: £300 for 30 days Interest rate: 292% p.a. fixed One repayment of: £372 Total charge for credit:

Ms. Young Slide 4-1 Unit 4C Loan Payments, Credit Cards, and Mortgages.

PSD: Managing Own Money Challenge 11. What are Goods? Goods are ‘items’ or ‘objects’ that you buy. Once you have paid your money you will have/own something.

+ Credit Cards Independent Living. + The granting of credit: The 3 C’s In order to be approved for a credit card the creditor will look at the following.

Starter… What is the point of learning about Interest Rates?

N4 LS 11-Jun-16Created by Mr. Lafferty Maths Dept. Banking Credit versus Debit Cards Borrowing Money Simple Interest Exam Type Questions.

Credit Test Review. What card takes money directly from your checking or savings account?  Debit Card.

CREDIT. Don't Buy Stuff Don't Buy Stuff Don't Buy Stuff Don't Buy Stuff.

18 Credit: ways and places. Learning Objectives Compare and contrast the different methods of borrowing. Compare and contrast the different institutions.

Credit Cards and Pay Day Loans. Aims and objectives Aim: Promote understanding of the hidden charges associated with credit cards and pay day loans. Objectives:

Bank Loans SS.8.FL.4.1 Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using.

B24: I can use a table to find the annual percentage rate of a loan.

APR – What do we need to know about it?

Divide the number in C by 10.

Add, Subtract, Divide and Multiply Integers

What is your favorite kids book? Why?

Presentation transcript:

APR Quiz Question 1 You’ll see APR listed whenever you are able to borrow money, but what does APR stand for? A Annual Percentage Rate B Automatic Percentage Rise C Additional Percentage Rise D Annual Performance Rise Key Words Additional – how much extra there is Annual – yearly Percentage – how many parts out of 100 Performance – how well something is done Rate – the speed at which something happens Rise – how much something goes up by

APR Quiz Question 2 APR is how much extra you will have to pay back each year on any money you borrow. It is given as a percentage. For example an APR of 1% would mean you pay back an extra 1% on any money you borrow each year. How can you work out 1% of a number? A Divide it by 10 B Multiply it by 10 C Divide it by 100 D Multiply it by 100

APR Quiz Question 3 An APR of 5% would mean you pay back an extra 5% on any money you borrow each year. Which of these is NOT a way to work out 5% of a number? A Divide it by 2 to find 50%, then divide it by 10 B Divide it by 5 to find 5% directly C Divide it by 100 to find 1%, then multiply it by 5 D Divide it by 10 to find 10%, then halve it

APR Quiz Question 4 A car loan is offered at 8% APR. If you take out a loan on a car costing £1000 and don’t pay anything back, how much will you owe after one year? A £1008 B £1080 C £1800 D £8000

APR Quiz Question 5 A credit card is offered at 16% APR. If you spend £1000 on your credit card and don’t pay anything back, how much will you owe after one year? A £1160 B £1600 C £1016 D £16000

APR Quiz Question 6 A pay day loan is offered at 3100% APR. If you borrow £1000 and don’t pay anything back, how much will you owe after one year? A £1320 B £31000 C £1031 D £32000

APR Quiz - ANSWERS Question 1 You’ll see APR listed whenever you are able to borrow money, but what does APR stand for? A Annual Percentage Rate Annual : Yearly Percentage : The amount (in parts out of 100) Rate : The speed at which something happens Basically a measure of how much extra you have to pay back per year.

APR Quiz Question 2 APR is how much extra you will have to pay back each year on any money you borrow. It is given as a percentage. For example an APR of 1% would mean you pay back an extra 1% on any money you borrow each year. How can you work out 1% of a number? C Divide it by 100

APR Quiz Question 3 An APR of 5% would mean you pay back an extra 5% on any money you borrow each year. Which of these is NOT a way to work out 5% of a number? A Divide it by 2 to find 50%, then divide it by 10 B Divide it by 5 to find 5% directly C Divide it by 100 to find 1%, then multiply it by 5 D Divide it by 10 to find 10%, then halve it If you divide a number by 5, you actually find 20% [100% ÷ 5 = 20%]

APR Quiz Question 4 A car loan is offered at 8% APR. If you take out a loan on a car costing £1000 and don’t pay anything back, how much will you owe after one year? B £1080 8% of ÷ 100 x 8 = 80 Then add it on to your starting amount: = £1080

APR Quiz Question 5 A credit card is offered at 16% APR. If you spend £1000 on your credit card and don’t pay anything back, how much will you owe after one year? A £ % of ÷ 100 x 16 = 160 Then add it on to your starting amount: = £1160

APR Quiz Question 6 A pay day loan is offered at 3100% APR. If you borrow £1000 and don’t pay anything back, how much will you owe after one year? D £ % of ÷ 100 x 3100 = Then add it on to your starting amount: = £32000