Lesson 10 quiz C1,2&3

• Economie
• Middelbare school
• havo
• Leerjaar 3

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Economics: lesson nine

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Chapter 1,2,3

Write down a saving motive + example

Name an example of being self-sufficient

Write down one primary need and one secondary need

Fixed expenses

Household expenses

Incidental expenses

Mortgage

Vacation

Groceries

Income from labour 

Income for property

Transfer income

Wage

Benefits / allowance

interest / rent

Primary income

Secundary income

Wage

Transfer income 

Rent from property

Budget & budget line

Raza earns €5 income from labour and €7,50 allowance from her parents per week. What is her montlhy budget? (two decimal places)

Use €55 --> Draw a budgetline for Raza if a panini costs €2,75 and a few pizza slices cost €5,-

Credit costs

Rowan wants to buy a scooter for € 2,500. He takes out a loan for that amount and repays it in 3 years. 

Every month you pay € 75

Q1: Calculate the credit costs.

Q2: Calculate the interest in %

Q1: 3 years x 12 = 36 months

36 x €75 - €2500 = 200

Q2: 200 : 2500 x 100% = 8%

Compound and single interest

Holly Happy deposits € 1,750 for three years on a savings account with 3% interest

Q1: Calculate the final amount on her savings balance after three years. Do this with compound interest. 

Q2: Calculate the interest Holly receives. Do this with single interest. 

Q1: (1+0,03)^3 x €1750 = €1912,27 new balance

Q2: €1750 x 0,03 = €52,50

€52,50 x 3 years = €157.50 interest after 3 years

Q1: (1+0,03)^3 x €1750 = €1912,27 new balance

Q2: €1750 x 0,03 = €52,50

€52,50 x 3 years = €157.50 interest after 3 years

Explain what collateral is using the term mortgage