LIFEPAC® Consumer Math Unit 6 Worktext

Description

Consumer Mathematics Unit 6 introduces students to different types of loans, types of interest rates, how to calculate portion of repayment going to interest, and additional repayment considerations. Students also learn about different types of mortgage loans, associated interest rate variables, and tools to calculate portion of repayment going to interest and principal over time. Students also learn about financial aid for education as well as private student loans for education, exploring the differences between financial aid that must be repaid and grants and scholarships. Lastly students compare costs associated with renting and buying.

In this course, students will study:

• Strategies for saving
• Savings accounts
• Special savings accounts
• Differences between saving and investing
• Investment products
• Stocks

Course Objectives

• Define key terms associated with loans.
• Differentiate between secured loans and unsecured loans.
• Recognize the relationship between finance charges, the principal, the loan repayment period, and the total cost of the loan.
• Understand how to calculate the total cost of repaying a loan.
• Define key terms associated with mortgages.
• Identify various types of mortgages and associated costs.
• Calculate a mortgage payment.
• Identify various types of loans, including student loans, home equity loans, small business loans, and car loans.
• Understand the differences between a car loan and a car lease.
• Identify various types of higher education loans and alternatives.
• Identify upfront costs and the ongoing costs associated with renting.
• Identify the benefits and disadvantages of buying and renting.
• Identify the purpose of leasing.

Unit 6: Consumer Lending

• Overview of loans
• Repaying loans
• Quiz
• Mortgage loans
• Understanding mortgage payments
• Quiz
• Other types of loans
• Financial aid for education
• Quiz
• Renting vs. buying
• Quiz
• Unit Test