Car Loan - Activities Bundle
Created By:
ActiveLearningLabs
Lessons in this Bundle (7)
Students will explore how different interest rates affect the monthly payment and total interest for a $40,000 car loan over 7 years. Using a slider to adjust the interest rate, students will record the values of monthly payments and total interest for different rates.
Students will help John choose a car loan based on his financial background. They will calculate the down payment saving period and the minimum loan duration for four car models (Toyota Camry, Honda Civic, BMW 3 Series, and Porsche 911) to keep monthly payments within $750.
Students will go through a car loan simulation, choosing a car from a list, selecting a down payment, and determining the loan amount. They will choose a loan duration and see the monthly payment, total interest, and an amortization graph. Students will record data for different scenarios and answer questions to understand the impact of various parameters. They will also help Mr. John choose a car and loan terms based on his financial situation.
Students will explore how loan duration affects the monthly payment and total interest for a $40,000 car loan at a 5% interest rate. Using a slider to adjust the loan duration, students will record the values of monthly payments and total interest for different durations.
In this worksheet, students analyze a pie chart of American transport modes and choose a preferred car from a list. They’ll see loan details with a 20% down payment and 5-year loan at 8% interest. Students select daily commute miles to calculate monthly loan, insurance, maintenance, and fuel costs, then answer related questions.
Students will analyze the amortization schedule of a $20,000 car loan with a 7% interest rate, choosing between a 3-year and a 6-year loan duration. They will calculate the percentage of each payment that goes towards principal and interest for different months and compare the schedules to understand the impact of loan duration on amortization.
Students will compare the costs of leasing a Toyota Camry versus buying it with a loan. They will estimate the total leasing cost for 36 months and use a loan calculator to determine the total buying cost, including the impact of resale value after 36 months.
Description
This comprehensive bundle of 8 car loan worksheets is designed to provide students with a thorough understanding of various aspects of car loans. Each worksheet covers a different topic related to car financing, engaging students through practical activities, data analysis, and real-world scenarios. By working through these worksheets, students will develop a solid foundation in financial literacy, particularly in the context of car loans.
Key Learning Outcomes:
- Comprehensive Car Loan Literacy: Students will gain a thorough understanding of various car loan-related topics, including leasing versus buying, amortization, interest rates, loan duration, and EMI calculations.
- Practical Application: Through practical activities and real-world scenarios, students will learn to apply financial concepts to everyday situations.
- Informed Decision-Making: This bundle equips students with the knowledge to make informed decisions about car financing options based on their financial goals and constraints.
This bundle is designed to enhance students' financial literacy, providing them with valuable insights and practical tools to navigate the complexities of car loans and make sound financial decisions.
