FinCon Financial Literacy Quiz Question Title * 1. Imagine you are at the supermarket. Is buying 3 bottles of shampoo for $18.90 a better deal than buying 1 bottle of shampoo for $6.99? Buying 3 bottles of shampoos for $18.90 is a better deal. Buying 1 bottle of shampoo for $6.99 is a better deal. OK Question Title * 2. You have a credit card balance of $100 with a 12% APR, but pay only the minimum required amount of $50 a month on August 31st. How much are you expected to pay on next billing period (assuming you make no additional charges)? $50.50 $50.00 $50.83 OK Question Title * 3. You are making interest only payments on your auto loan this month. Assuming you have a $10,000 auto loan with a rate of 3%, what is your monthly payment? $25.00 $30.00 $15.00 OK Question Title * 4. If you were to put $200 in a savings account that had a 10% interest rate compounded annually, how much would you have by the second year? $242.00 $200.00 $210.00 OK Question Title * 5. On average what % of the purchase price of a home should you expect to pay in closing costs? 2% to 5% less than 2% 5%-10% greater than 10% OK Question Title * 6. Can lenders charge you for paying off your personal loans early? Yes, this is a way to make back a portion of the interest you would have paid if your loan had gone to term No, that is illegal OK DONE