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Grade 12 Challenge: Money Math — Loans, Credit Cards & Inflation Worksheet with Answers

Grade 12 (US) · Year 13 (UK) · Class 12 (India) · Math

Unit 6: 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 12 · 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

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?

Answer: 19.56%

1
Maria owes $1500 on a credit card charging 2% interest per month (24% APR). Each month interest is added, then Maria pays $60. How many monthly payments until the card is paid off? (The last payment may be smaller.)
Show your work
Answer
2
Prices rise 3% every year. In 15 years, $100 will buy only what $x buys today. Find x to the nearest cent.
Show your work
Answer
3
Prices rise 5% every year. In 20 years, $100 will buy only what $x buys today. Find x to the nearest cent.
Show your work
Answer
4
Prices rise 4% every year. In 20 years, $100 will buy only what $x buys today. Find x to the nearest cent.
Show your work
Answer
5
Zoe borrows $22500 for a car at 5.9% APR (compounded monthly), repaid in equal monthly payments over 4 years. What is the monthly payment, to the nearest cent?
Show your work
Answer
6
A $29000 car loan at 5.9% APR is repaid with 72 monthly payments of $479.25. How much interest is paid in total, to the nearest cent?
Show your work
Answer
7
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
8
Ines borrows $15000 for a car at 4.5% APR (compounded monthly), repaid in equal monthly payments over 4 years. What is the monthly payment, to the nearest cent?
Show your work
Answer
9
Noah owes $5800 on a credit card charging 2% interest per month (24% APR). Each month interest is added, then Noah pays $150. How many monthly payments until the card is paid off? (The last payment may be smaller.)
Show your work
Answer
10
An investment earns 9% a year while inflation is 3% a year. What is the real (inflation-adjusted) return as a percentage, to 2 decimal places? (Not simply 9 − 3!)
Show your work
Answer
11
The Rule of 72 says money doubles in about 72 ÷ r years at r% interest. At 8% compounded annually, exactly how many years does it take to double? Give your answer to 2 decimal places.
Show your work
Answer
12
Zoe owes $1500 on a credit card charging 2% interest per month (24% APR). Each month interest is added, then Zoe pays $75. How many monthly payments until the card is paid off? (The last payment may be smaller.)
Show your work
Answer

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Teacher's comments

Free printable worksheets with answer keys · aethelsystems.com/worksheets/math/12/challenge_money_math

Answer key (click to show)

1.36
2.$64.19
3.$37.69
4.$45.64
5.$527.38
6.$5506.00
7.17.67
8.$342.05
9.75
10.5.83%
11.9.01
12.26

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