Choices & Decisions

Teacher's Guide
In-class Activities

















The Cost of Loans
What am I really paying for that loan? Which loan terms are better? If you’ve ever asked yourself these questions, then check out The Cost of Loans.

Fill in the fields, enter the amount of the loan and TAB through the form, filling in the requested information. Click "compute" and see the bottom line. See how much your monthly payments will be as well as the total cost of the loan. (Note: If you don’t know the Annual Percentage Rate (APR), you can usually find out from your lender.)

Whether you are borrowing for a car, a house, or education, or paying back credit card debt, use the information from The Cost of Loans to find out what’s best for you. Be aware of how much you are really borrowing. Be an educated borrower and save some money. Remember you are making a legal commitment to repay the money. If you fail to repay it, it could seriously impair your future ability to get credit.

1. Loan Amount

2. Length of Loan Months

3. Interest Rate (APR)

 



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