ࡱ> -/,[  bjbjYY 4;p\;p\ $L0$|2F 臺v0Lo,L> Z: A&W MATH 11: PERSONAL LOANS, LINES OF CREDIT, AND OVERDRAFTS A) Vocabulary: amortization period: line of credit: overdraft protection: payday loan: default: ex: Jesse went to MoneyMart to borrow $500. He had to them back $580 after 14 days. i) What is the annual interest rate for the loan? ii) what is the daily interest for the loan? ex: Jesse went to Cash Money to borrow $500 and paid it back with interest 7 days later. The interest rate was 350% per year. How much interest did he pay? B) What is a personal loan? -it is a line of credit. It can be secured (ex: borrow money against your house or companyget a lower interest rate) or unsecured line of credit (higher interest rate). -to make calculations easier, sometimes they use a personal loan calculator (ie: pg 320 in workbook). -the personal loan calculator is based on interest that is compounded. ex: Kevin bought an Acura MDX for $65,000. He put a downpayment of $5000, and borrowed the rest at 3%. He hopes to pay it off after 4 years. i) How much money does he need to borrow? ii) What are his monthly payments over the 4 years? iii) What is the total payment for the car? pg 317 #1-5 -pg 321 #1, 2 -pg 323 #3 -pretest, corrections, test <>LMcdwx; > n o s $ ; ? G Q S   ·h?h-EOJQJh-EOJQJh:>OJQJhACOJQJh?OJQJhYSOJQJh?5OJQJh?h?5OJQJ"=>MNcdefvwxy 8 gd?$a$gd?8 9 : ; < = > ? m n o p q r s t          8 9 K gd?K L $ O P Q R S T gd?  gd?21h:p?/ =!"8#$% s2&6FVfv2(&6FVfv&6FVfv&6FVfv&6FVfv&6FVfv&6FVfv8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@_HmH nH sH tH @`@ NormalCJ_HaJmH sH tH DA D Default Paragraph FontRiR  Table Normal4 l4a (k (No List PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VvnB`2ǃ,!"E3p#9GQd; H xuv 0F[,F᚜K sO'3w #vfSVbsؠyX p5veuw 1z@ l,i!b I jZ2|9L$Z15xl.(zm${d:\@'23œln$^-@^i?D&|#td!6lġB"&63yy@t!HjpU*yeXry3~{s:FXI O5Y[Y!}S˪.7bd|n]671. tn/w/+[t6}PsںsL. J;̊iN $AI)t2 Lmx:(}\-i*xQCJuWl'QyI@ھ m2DBAR4 w¢naQ`ԲɁ W=0#xBdT/.3-F>bYL%׭˓KK 6HhfPQ=h)GBms]_Ԡ'CZѨys v@c])h7Jهic?FS.NP$ e&\Ӏ+I "'%QÕ@c![paAV.9Hd<ӮHVX*%A{Yr Aբ pxSL9":3U5U NC(p%u@;[d`4)]t#9M4W=P5*f̰lk<_X-C wT%Ժ}B% Y,] A̠&oʰŨ; \lc`|,bUvPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!R%theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] 3 8 K   8@0(  B S  ?24%& NZfjyDHtv 333333333bcvw:=nr bcvw:=nrPR ?AC:>-EYS @@UnknownG*Ax Times New Roman5Symbol3. *Cx Arial7.[ @VerdanaACambria Math"qh<KG%H H !243HP ??2!xx <A&W MATH 11: PERSONAL LOANS, LINES OF CREDIT, AND OVERDRAFTSPAULPaul Gain ChanOh+'0$ <H h t @A&W MATH 11: PERSONAL LOANS, LINES OF CREDIT, AND OVERDRAFTSPAULNormalPaul Gain Chan2Microsoft Office Word@9+@H{#@H՜.+,0$ hp|    =A&W MATH 11: PERSONAL LOANS, LINES OF CREDIT, AND OVERDRAFTS Title  !"#%&'()*+.Root Entry F@01Table WordDocument4SummaryInformation(DocumentSummaryInformation8$CompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q