Calculate total cost of purchasing consumer durables over time given different down payments, financing options, and fees.
Example: Find the actual cost of a car and interest charged with a showroom price of $15,999, down payment of $1,600, rate of interest of 12%, and 30 monthly payments.
Subject Area: X-Mathematics (former standards - 2008)
Body of Knowledge: Financial Literacy
Idea: Level 2: Basic Application of Skills & Concepts
Standard: Loans and Financing
- Become familiar with and describe the advantages and disadvantages of short-term purchases, long-term purchases, and mortgages.
Date Adopted or Revised: 09/07
Date of Last Rating: 06/07
Status: State Board Approved - Archived