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Calculate total cost of purchasing consumer durables over time given different down payments, financing options, and fees.
Remarks
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.General Information
Subject Area: X-Mathematics (former standards - 2008)
Grade: 912
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
Content Complexity Rating:
Level 2: Basic Application of Skills & Concepts
-
More Information
Date of Last Rating: 06/07
Status: State Board Approved - Archived
Related Courses
This benchmark is part of these courses.
1200500: Advanced Algebra with Financial Applications (Specifically in versions: 2014 - 2015 (course terminated))
7921022: Access Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2023, 2023 and beyond (current))
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