5 Steps Pre-Quiz (25 pts)

1. Which is Most Important?

2. If you used a credit card to buy a computer for $1,000 and made payments for 10 years at 21%, How much in total would you have paid?

3. If you used a credit card to buy a computer for $1,000 and made payments of $21 a month, (21%), After making payments for 4 years how much do you still owe?

4. With $10,000 in Credit Card Debt, Paying the minimum payment of $183, How much will you pay in interest?

5. With $10,000 in Credit Card Debt, If you increase your monthly payment from $183 to $395, How much will you save?

6. How much would you have if you put a dollar a day in a piggy bank for 66 years?

7. How much would you have if you put a dollar a day into a savings account at 3% for 66 years?

8. How much would you have if you invested $1 a day for 66 years with a 10% return?

9. How much would you owe if you spent $1 a day on a credit card at 21% for 66 years?

10. How much would you have if you doubled a penny each day for 40 days?

11. How long does it take for your Credit Card at 21% to double in cost?

12. What is the Dow?

13. What is the S&P Stock Index?

14. True or False: Over Time, Berkshire Hathaway (BRK.b) makes a higher rate of return than the S&P 500 and most mutual funds that are managed by professional money managers?

15. In order to not pay taxes on your investments, What kind of Retirement Account do you set up?

16. If you bought a $200,000 house for $180,000 at 8% for 30 years, how much would you have saved in interest?

17. If we reduce the interest from 8% to 6% How much would you save?

18. If we increase our payments from $1,079 to $1,518 how much would you save?

19. If you did all three Buy for less, Lower you interest & Increase your payment How much will you save?

20. Will you share the wealth of knowledge and tell others about Money Made Easy?