On the Money Moth Activities to Build Financial Literacy. High School Option #2: Certificates of Deposit (CDs) Certificates of Deposit (CDs) Fast Facts: CDs are certificates you purchase for a period of time (the longer the time, the higher the rate). If you buy a one-year CD ata 1.35% annual percentage yield (APY), at the end of the year, you get your principal back plus 1.35% interest. If you need your money before the year is up, you have to pay a penalty. For a one-year loan at $3000, that might be $10 (depending on when you withdraw the money You want to buy a car when you graduate from high school, which is two years away. After working three jobs in the summer and adding to the money you already sved, you have 56000 You have to decide how much money to put into CDs and how much money to use for needs or fun over the next two years. 1. Without doing any calculations, respond to the following questions. a. How much would you like to spend on a car in two years? b. How much of the $6000 would you need to put into a CD in order to afford your car? c. Where is the best place to save money if you would like it to cam more money! On the Money Moth Activities to Build Financial Literacy. High School Option #2: Certificates of Deposit (CDs) Certificates of Deposit (CDs) Fast Facts: CDs are certificates you purchase for a period of time (the longer the time, the higher the rate). If you buy a one-year CD ata 1.35% annual percentage yield (APY), at the end of the year, you get your principal back plus 1.35% interest. If you need your money before the year is up, you have to pay a penalty. For a one-year loan at $3000, that might be $10 (depending on when you withdraw the money You want to buy a car when you graduate from high school, which is two years away. After working three jobs in the summer and adding to the money you already sved, you have 56000 You have to decide how much money to put into CDs and how much money to use for needs or fun over the next two years. 1. Without doing any calculations, respond to the following questions. a. How much would you like to spend on a car in two years? b. How much of the $6000 would you need to put into a CD in order to afford your car? c. Where is the best place to save money if you would like it to cam more money