In this worksheet, students will use a provided EMI (Equated Monthly Installment) formula to calculate the monthly payment of loans with varying principal amounts, interest rates, and durations. This activity will help students grasp how changes in these loan variables affect monthly payments. Additionally, students will be presented with review questions that require them to apply their newfound knowledge.
The primary learning objectives are to equip students with the ability to calculate loan EMIs and to comprehend the impact of different loan parameters on monthly payments. This exercise aims to enhance students' financial literacy and problem-solving skills in the context of personal finance.