Introduction
Loans and Interest Rates are an important part of everybody's life at some point. Having good knowledge on these topics, are especially important as you begin your life as a financially independent individual.
Task
1. Go to http://www.math-play.com/Simple-Interest/simple-interest-money-game.htm…;
Play the Game and try to get a perfect score. Submit what your final score was.
2. "Buy" a car that you can afford with a monthly income of $4000. The span of the loan will be for 60 months. Consider all of your expenses and the monthly car payment with interest. Use any of the following to find a car:
-Share the name and make of your car, including the year, color and mileage. And calculate the monthly payment with a 4.0% interest rate.
- Use this website to calculate the monthly payment and total interest to be paid by the end of the loan.
Conclusion
What did you learn from these exercises?
How will you apply your knowledge about loans and interest?
LEQS:
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How does interest impact the use and effects of credit cards and/or loans?
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How can taking out a loan help or hurt my financial standing?