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Credit & Debt Basics

Grade 10 · Financial Literacy · Worksheet 1

  1. Sophia has saved $24 from doing chores. Then Sophia earns $5 more by helping a neighbor. How much money does Sophia have in total? Answer: ______________
  2. Sam has saved $24 from doing chores. Then Sam earns $24 more by helping a neighbor. How much money does Sam have in total? Answer: ______________
  3. Maya has a debt of $12 on a library fine. Maya also gets a new fine of $33 for a lost book. What is Maya's total debt now? Answer: ______________
  4. Kaia is considering two different credit card offers for a $2,500 purchase she needs to make. Card A has a 15% annual interest rate with no annual fee, while Card B has a 12% annual interest rate but charges a $45 annual fee. If Kaia plans to pay off the balance in exactly one year with equal monthly payments, which card would cost her less overall?
    • A. Cannot be determined with the given information
    • B. Both cards cost the same
    • C. Card B
    • D. Card A
  5. Matiu is comparing two student loan options for his college education. Option A has an interest rate of 6.5% compounded annually on a principal of $15,000. Option B has an interest rate of 7.2% compounded annually on a principal of $14,000. If both loans have a 4-year term, which option will result in a higher total amount owed at the end of the term?
    • A. Both options are equal
    • B. Cannot be determined
    • C. Option B
    • D. Option A
  6. Ben has 61 baseball cards. Ben gives away 3 cards to a friend. How many baseball cards does Ben have left? Answer: ______________
  7. Sophia owes 44 dollars to a friend for a borrowed video game. Sophia pays back 28 dollars. How much does Sophia still owe? Answer: ______________
  8. Ethan has 95 baseball cards. Ethan gives away 48 cards to a friend. How many baseball cards does Ethan have left? Answer: ______________
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Answer Key & Explanations

Credit & Debt Basics · Grade 10 · Worksheet 1

  1. Sophia has saved $24 from doing chores. Then Sophia earns $5 more by helping a neighbor. How much money does Sophia have in total? Answer: 29 Solution: Start with the money saved from chores: $24. Add the money earned from helping: $5. Total money: $24 + $5 = $29.
    Full step-by-step solution

    Step 1: Start with the money saved from chores: $24. Step 2: Add the money earned from helping: $5. Step 3: Total money: $24 + $5 = $29. The answer is $29.

  2. Sam has saved $24 from doing chores. Then Sam earns $24 more by helping a neighbor. How much money does Sam have in total? Answer: 48 Solution: Start with the money saved from chores: $24. Add the money earned from helping: $24. Total money: $24 + $24 = $48.
    Full step-by-step solution

    Step 1: Start with the money saved from chores: $24. Step 2: Add the money earned from helping: $24. Step 3: Total money: $24 + $24 = $48. The answer is $48.

  3. Maya has a debt of $12 on a library fine. Maya also gets a new fine of $33 for a lost book. What is Maya's total debt now? Answer: 45 Solution: Start with the existing debt: $12. Add the new fine: $33. Total debt: $12 + $33 = $45.
    Full step-by-step solution

    Step 1: Start with the existing debt: $12. Step 2: Add the new fine: $33. Step 3: Total debt: $12 + $33 = $45. The answer is $45 dollars.

  4. Kaia is considering two different credit card offers for a $2,500 purchase she needs to make. Card A has a 15% annual interest rate with no annual fee, while Card B has a 12% annual interest rate but charges a $45 annual fee. If Kaia plans to pay off the balance in exactly one year with equal monthly payments, which card would cost her less overall? Answer: C. Card B Solution: When comparing financial products with different fee structures, it's important to calculate the total cost of each option. For loans or credit cards, this includes both interest charges and any additional fees.
    Full step-by-step solution

    When comparing financial products with different fee structures, it's important to calculate the total cost of each option. For loans or credit cards, this includes both interest charges and any additional fees. The interest calculation depends on the average balance over time, which decreases with regular payments. A lower interest rate might not always be better if it comes with high fees, especially for shorter time periods or smaller balances.

  5. Matiu is comparing two student loan options for his college education. Option A has an interest rate of 6.5% compounded annually on a principal of $15,000. Option B has an interest rate of 7.2% compounded annually on a principal of $14,000. If both loans have a 4-year term, which option will result in a higher total amount owed at the end of the term? Answer: D. Option A Solution: Calculate the total amount for Option A using the compound interest formula: A = P(1 + r)^t A = 15000(1 + 0.065)^4 A = 15000(1.065)^4 A = 15000 × 1.2865 A = $19,297.50 Calculate the total amount for Option B using the compound interest formula: A = P(1 + r)^t A = 14000(1 + 0.072)^4 A =…
    Full step-by-step solution

    Step 1: Calculate the total amount for Option A using the compound interest formula: A = P(1 + r)^t A = 15000(1 + 0.065)^4 A = 15000(1.065)^4 A = 15000 × 1.2865 A = $19,297.50 Step 2: Calculate the total amount for Option B using the compound interest formula: A = P(1 + r)^t A = 14000(1 + 0.072)^4 A = 14000(1.072)^4 A = 14000 × 1.3209 A = $18,492.60 Step 3: Compare the two amounts Option A: $19,297.50 Option B: $18,492.60 Step 4: Determine which option has the higher total amount Option A has a higher total amount by $804.90 The correct answer is Option A.

  6. Ben has 61 baseball cards. Ben gives away 3 cards to a friend. How many baseball cards does Ben have left? Answer: 58 Solution: Ben starts with 61 baseball cards. Subtract the cards given away: 61 - 3 = 58.
    Full step-by-step solution

    Step 1: Ben starts with 61 baseball cards. Step 2: Subtract the cards given away: 61 - 3 = 58. The answer is 58 cards.

  7. Sophia owes 44 dollars to a friend for a borrowed video game. Sophia pays back 28 dollars. How much does Sophia still owe? Answer: 16 Solution: The original debt is $44. Subtract the payment made: $44 - $28 = $16.
    Full step-by-step solution

    Step 1: The original debt is $44. Step 2: Subtract the payment made: $44 - $28 = $16. The answer is $16 dollars still owed.

  8. Ethan has 95 baseball cards. Ethan gives away 48 cards to a friend. How many baseball cards does Ethan have left? Answer: 47 Solution: Ethan starts with 95 baseball cards. Subtract the cards given away: 95 - 48 = 47.
    Full step-by-step solution

    Step 1: Ethan starts with 95 baseball cards. Step 2: Subtract the cards given away: 95 - 48 = 47. The answer is 47 cards.