About This Chapter
Financial Literacy Overview - Chapter Summary
Our instructors have created entertaining lessons you can study from home or on-the-go to gain greater insight into the basics of financial literacy. Whether you need help understanding installment purchases, mortgage rates or compounding interest, you've reached the right place! Choose the lessons you feel will help you best understand financial literacy, and assess your comprehension of these lessons by taking short quizzes. Clarify topics you don't fully grasp by sending questions to our experts. Taking advantage of these helpful resources will enable you to do the following:
- Solve interest problems by calculating interest amounts and interest rates
- Define and find the simple interest rate
- Use the formula for compounding interest
- Explain how student loans work and calculate monthly student loan payments
- Calculate fixed installment payments
- List three types of mortgage loans and discuss loan lengths
- Share the definition and types of mortgage rates
- Identify and describe different investment opportunities in stocks and bonds
1. How to Solve Interest Problems: Steps & Examples
If you want to know how your money can earn money, then it's essential to learn about solving interest problems. In this lesson, we'll practice calculating interest amounts and interest rates.
2. How to Find Simple Interest Rate: Definition, Formula & Examples
When we borrow a certain sum of money over a period of time, we agree that we will pay it back, along with a fee, known as the interest owed. Similarly, when we invest a sum of money in a savings account, the account earns us interest. This lesson will show you how to calculate a certain type of interest called simple interest.
3. Compounding Interest Formulas: Calculations & Examples
Compound interest is a great way to have your money work for you. In this lesson, find out the formula for calculating compound interest and practice using the formula with several examples.
4. Calculating Monthly Student Loan Payments
In this lesson, we will discuss how student loans work and how they are calculated. We will also talk about the plans you should make to save money by paying your loan back sooner than what the payment schedule says.
5. Installment Purchases: Payment & Terms
After watching this video lesson, you will know how installment purchases work. Learn how you can calculate the amount of your fixed installment payment.
6. Buying a House: Mortgage Types & Loan Length
In this lesson, we'll discuss the three types of mortgage loans: Federal Housing Authority, conventional, and Veteran's Administration. You'll also learn about the two main repayment options: 15 years and 30 years.
7. Mortgage Rate: Definition & Types
During the exciting process of buying a home, most buyers need to also decide on what type of mortgage they want. In this lesson, we'll discuss the most popular types of mortgages and some of the benefits and costs of each.
8. Investment Opportunities in Stocks and Bonds
Investors often turn to the stock and bond markets when investing their money. Each market offers opportunities and risks for the individual investor. In this lesson, we'll explore the nature of these investments.
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Other chapters within the DSST Math for Liberal Arts: Study Guide & Test Prep course
- Real Numbers Basics
- Percents, Fractions & Decimals
- Systems of Numeration
- Number Rules & Properties
- Understanding Mathematical Sets
- Overview of Logic in Math
- Metric System, Conversions & Geometry
- Overview of Algebraic Expressions & Equations
- Graphing Linear Equations
- Linear Systems & Inequalities
- Operations with Functions
- Solving Exponential & Logarithmic Functions
- Proportions & Counting
- Probability Theory & Statistics
- DSST Informational Resources
- DSST Math for Liberal Arts Flashcards