LESSON PLAN (Linda Bolin) - Granite School District

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The Bill Your company is very nice. They do not expect you to pay this back all at once. You may make minimum payments each month of $30. Your Credit Card Company will charge you 1.5% interest on the unpaid balance each month. The formula for finding the amount of interest you will pay each month is prt = I, where p is the principle or balance, r is the percent rate of interest (written as a decimal), t is the time, and I is the $ amount of interest. Use the table below to organize and calculate the balance each month for 6 months. Month # 1 Beginning Balance $ (p) Rate (%) (r) Time (t) Amount of Interest (I) Ending Balance Payment $ 2 3 4 5 6 How long do you predict it would take you to pay off your principle or balance if you continue to pay the minimum of $30 each month? How much do you think you would need to pay each month to pay this debt off in a year?
Payday Loans? Name ______________ Date ______ C. You haven’t been saving your money. You desperately need $100. You decide to go to Payday Loans. Here’s how Payday Loans works. You write a check for $116, and they give you $100 cash. In two weeks, they cash your check. You are charged 16% to use the $100 for two weeks. If you don’t have that money in the bank in two weeks, they will hold the check another two weeks for an additional 16%. Every two weeks that you don’t have the money for them to cash your check, they charge you an additional 16% simple interest. 1. Write a prediction as to whether this is reasonable? Explain your hypothesis. 2. A typical car loan rate is 5% for one year. What would you expect to pay for a $100 loan at the end of the year? 3. A typical credit card loan rate is 20% per year. What would you expect to pay for a $100 loan at the end of the year? 4. The Payday loan company’s rate is 16% every two weeks. There are 26 two-week periods in a year. What total percent would this be in a year? 5. What would you expect to pay the Payday Loan Company for your $100 loan at the end of a year using simple interest? 6. What if you couldn’t pay the Payday Loan Company for five years. What would you end up paying back for the $100 loan?
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LESSON PLAN (Linda Bolin) - Granite School District

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