Financial Literacy Calculators

Learn How it works

• 50/30/20 rule: 50% of take-home pay for needs (housing, food, transportation), 30% for wants, 20% for savings and paying down debt.
• Compound interest: you earn interest on your interest. A = P(1 + r/n)^nt. Starting early matters more than starting big.
• Loans: the interest rate and the length of the loan decide how much extra you pay. A longer loan has a smaller payment but costs more in total.

Try it Calculators

Practice Check yourself

Answer, then tap Check. You get an explanation either way.

1. With the 50/30/20 rule, how much of a $2,000 paycheck goes to savings?Check

2. Who ends up with more at 65: someone who saves $100/month from age 25, or from age 45 (same rate)?

   From 25 From 45 The same
   Check

3. A longer loan term usually means…

   Higher monthly payment, less total interest Lower monthly payment, more total interest
   Check