7B FL preparation questions

 Financial Literacy Preparation1)    I have $2500 in my account and it earns 2.75% of interest per year

Step 1: 2.75/100 = 0.0275

Step 2: 2500 x 0.0275 = $68.75

-       How much interest will I earn by the end of the year ($68.75)

-       What is the total? ($2568.75) 2500 + 68.75 = 2568.75

 

2)    In February 2023, Kwok will buy a Starbucks everyday. If the first ten TAPS are free, and he has to pay $0.75 for each additional TAP, how much will he pay? ($13.50)

28 days in Feb 2023

Kwok has to pay for 28 – 10 =18 TAPS

18 TAPS x 0.75 = $13.50

 

3)    Name three advantages of having a credit card

- earn rewards such as cash back, travel points

- let you borrow money at very high interest rate

- carry less cash in the modern world (digital world)

 

Name three disadvantages of having a credit card

- over spend = a lot of debt

- annual fees

- if the balance is not paid off by the end of grace period, very high rate will be charged

 

 

4)    Name three differences between credit and debit cards

 

5)    Find three perks (offers) from the Bank of Montreal student cheqing account

 

6)    Find the 1 year GIC rate (not cashable) from TD bank. Calculate how much interest you will earn if $1234.56 is invested there  Rate: 4.65%, Interest: $57.40

  Why is it a bad idea to borrow money from Money Mart? Give two reasons

 

7)    Mr. Champsi will go and see Mickey next week. He plans to exchange Can$3456.78 into US dollar. If it costs Can $140.75 to get $US$100, how much US dollar will he get after the exchange (use cross multiplication to find the answer, US$2455.97)

 

8)    www.xe.com

Mr. Kwok wants to exchange 150 Euro into Thai Baht. How much Baht will he get? (about 5543 Baht)

 

9)    Find the tuition for Seneca College if you want to become an ECE (Early Childhood Educator) as a domestic and international student7)    Why is it a bad idea to borrow money from Money Mart? Give two reasons

https://www.senecacollege.ca/programs/fulltime/ECE/costs.html