Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.
DefinitionCalculation should include using the simple interest formula (Interest = Principal x Rate x Time) and explaining how the amount of the principal, the period of the loan, and the interest rate affect the amount of interest charged.
Related Standards of Learning
The student will solve
- multistep linear and quadratic equations in one variables algebraically;
- quadratic equations in one variables algebraically;
- literal equations for a specified variable;
- systems of two linear equations in two variables algebraically and graphically; and
- practical problems involving equations and systems of equations.
The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.
The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of credit and loan functions by
- evaluating the various methods of financing a purchase;
- analyzing credit card features and their impact on personal financial planning;
- identifying qualifications needed to obtain credit;
- identifying basic provisions of credit and loan laws;
- comparing terms and conditions of various sources of consumer credit;
- identifying strategies for effective debt management, including sources of assistance;
- explaining the need for a good credit rating;
- comparing the costs and conditions of secured and unsecured loans; and
- comparing the types of voluntary and involuntary bankruptcy and the implications of each.