# Do you have teenagers? See if they know these fun facts about money!

Another quiz for financial education..and saving the downpayment early!

What is the rule of 72?
This is a mathematical rule which basically shows how many years it takes for a sum of money to double. The rule of 72 is the principle of compound interest at work. For instance, if your savings gains 2% annually, you will double your money in 36 years. Just divide 72 by 2% to get the answer. Try the rule of 72 with other percentages to see what you get! The higher the interest rate, the less time it takes for your money to double.

Whose face is on the bill?
Match the president's face with the correct denomination.
Ulysses S. Grant                       \$100
George Washington                  \$20
Alexander Hamilton                  \$1
Benjamin Franklin                    \$50
Abraham Lincoln                      \$10
Andrew Jackson                        \$5

(answers:  Grant, \$50; Washington, \$1; Hamilton, \$10; Franklin, \$100; Lincoln, \$5; Jackson, \$20.)

What is credit?
Credit allows you to buy things today and pay for them tomorrow. Companies that give you credit charge you interest. In a manner of speaking, you are using their money to pay for your charges. When you write a check to a credit card company, you are paying both for your purchase and for the interest. The longer you take to pay back the credit card company, the more you'll pay.

Did you enjoy this blog?  We hope you learned something and that you'll think about how you spend your money! (Wisely!)

2 Comments on Do you have teenagers? See if they know these fun facts about money!

AUG
05
2006
 When my girls were teenagers the only fun fact they knew about money was that it was better to have than not have. ;-) 6:40pm • #2
 When my girls were teenagers the only fun fact they knew about money was that it was better to have than not have. ;-) 6:40pm • #1

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Teri Isner GRI, CRS, CIPS

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