584 Financial literacy refers to the ability to make smart, informed decisions regarding the management of money. This chapter will strengthen our financial literacy and help us answer important financial questions. For example, if you need to borrow money, which type of loan would be the best for you? How much money should you invest in order to have a certain amount of money in the future? This chapter will provide information to make sound financial decisions to help you reach these goals and answer these questions. Why This Is Important Sections 10. 1 Percent 10. 2 Personal Loans and Simple Interest 10. 3 Compound Interest 10. 4 Installment Buying 10. 5 Buying a House with a Mortgage 10. 6 Ordinary Annuities, Sinking Funds, and Retirement Investments b Knowledge of consumer mathematics may help you reach your long-term goals. Consumer Mathematics 10 George Rudy/Shutterstock
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