Answer key view. This page will not appear when students print their page.
Answer Key
Grade 7 Social Studies: Financial Literacy — Banking, Interest & Credit
1.
the original amount of money borrowed or invested
2.
extra money paid for borrowing or earned for saving/lending
3.
I = P × r × t (principal × rate × time)
4.
$10
5.
safely holding money; some earn interest
6.
borrowing money to pay later, often with interest
7.
borrow only what you can repay; pay on time
8.
interest calculated on principal plus prior interest
9.
principal=starting amount; interest=extra paid/earned
10.
$18
11.
you earn interest on prior interest
12.
on-time payments; borrowing within budget
Ready to print this page?
Use your browser print dialog. Choose Save as PDF to download a copy.