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Grade 11 Challenge: Money Math — Loans, Credit Cards & Inflation Worksheet with Answers

Grade 11 (US) · Year 12 (UK) · Class 11 (India) · Math

Unit 8: Going FurtherReal-World ChallengesChallenge

Real financial decisions: car-loan payments, how long a credit card takes to pay off, APR vs APY, inflation and real returns. This free high school worksheet has 12 questions and a full answer key. Print it or save it as a PDF — every answer is checked by code, not guessed.

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Challenge: Money Math — Loans, Credit Cards & Inflation

Grade 11 · Math

Score___ / 12

Name

Class

Date

Learning goal: Real-World Challenges

Directions: Solve each problem. Show your work, then write your answer in the box.

Example

The Rule of 72 says money doubles in about 72 ÷ r years at r% interest. At 9% compounded annually, exactly how many years does it take to double? Give your answer to 2 decimal places.

Answer: 8.04

1
The Rule of 72 says money doubles in about 72 ÷ r years at r% interest. At 4% compounded annually, exactly how many years does it take to double? Give your answer to 2 decimal places.
Show your work
Answer
2
A credit card charges 24% APR, compounded monthly (2% per month). What is the effective annual rate (APY) as a percentage, to 2 decimal places?
Show your work
Answer
3
The Rule of 72 says money doubles in about 72 ÷ r years at r% interest. At 3% compounded annually, exactly how many years does it take to double? Give your answer to 2 decimal places.
Show your work
Answer
4
An investment earns 8% a year while inflation is 6% a year. What is the real (inflation-adjusted) return as a percentage, to 2 decimal places? (Not simply 8 − 6!)
Show your work
Answer
5
Prices rise 6% every year. In 10 years, $100 will buy only what $x buys today. Find x to the nearest cent.
Show your work
Answer
6
A credit card charges 18% APR, compounded monthly (1.5% per month). What is the effective annual rate (APY) as a percentage, to 2 decimal places?
Show your work
Answer
7
Zoe borrows $21000 for a car at 7.2% APR (compounded monthly), repaid in equal monthly payments over 3 years. What is the monthly payment, to the nearest cent?
Show your work
Answer
8
The Rule of 72 says money doubles in about 72 ÷ r years at r% interest. At 6% compounded annually, exactly how many years does it take to double? Give your answer to 2 decimal places.
Show your work
Answer
9
Ines owes $2200 on a credit card charging 2% interest per month (24% APR). Each month interest is added, then Ines pays $150. How many monthly payments until the card is paid off? (The last payment may be smaller.)
Show your work
Answer
10
A $36000 car loan at 6.5% APR is repaid with 48 monthly payments of $853.74. How much interest is paid in total, to the nearest cent?
Show your work
Answer
11
Lena owes $3300 on a credit card charging 2% interest per month (24% APR). Each month interest is added, then Lena pays $200. How many monthly payments until the card is paid off? (The last payment may be smaller.)
Show your work
Answer
12
A $39500 car loan at 8.9% APR is repaid with 60 monthly payments of $818.04. How much interest is paid in total, to the nearest cent?
Show your work
Answer

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Teacher's comments

Free printable worksheets with answer keys · aethelsystems.com/worksheets/math/11/challenge_money_math

Answer key (click to show)

1.17.67
2.26.82%
3.23.45
4.1.89%
5.$55.84
6.19.56%
7.$650.34
8.11.90
9.18
10.$4979.52
11.21
12.$9582.40

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