Unit 2 Lesson 2: Calculating Monthly Charges

Use the below video as needed to remind yourself how to calculate monthly loan charges as needed:

Required

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Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

What value will be used for p?

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Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?

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Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?

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Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

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How much did Spongebob ultimetly pay for the boat?

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Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?

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How much money will Sandy pay for her boat?

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Describe in words how you got your last answer

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Unit 2 Lesson 2: Calculating Monthly Charges

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

How much did Spongebob ultimetly pay for the boat?

Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?

How much money will Sandy pay for her boat?

Describe in words how you got your last answer

How much did Sandy save by having a great credit score?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

How much did Spongebob ultimetly pay for the boat?

Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?

How much money will Sandy pay for her boat?

Describe in words how you got your last answer

How much did Sandy save by having a great credit score?

Unit 2 Lesson 2: Calculating Monthly Charges

Unit 2 Lesson 2: Calculating Monthly Charges

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for t?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

How much did Spongebob ultimetly pay for the boat?

Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?

How much money will Sandy pay for her boat?

Describe in words how you got your last answer

How much did Sandy save by having a great credit score?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?What value will be used for t?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

How much did Spongebob ultimetly pay for the boat?

Sandy also needs to borrow $7000 for a boat loan. Her excellent credit score of 802 snags her a loan at 3.75%, to be paid back over 36 months. What will her monthly payment be?

How much money will Sandy pay for her boat?

Describe in words how you got your last answer

How much did Sandy save by having a great credit score?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?

What value will be used for p?

Spongebob needs to borrow $7000 for a boat. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for r?

Spongebob needs to borrow $7000 for a boat loan. His fair credit score of 650 snags him a loan at 9.75%, to be paid back over 36 months. What will his monthly payment be?
What value will be used for t?