Over the past year, in the United States much attention has been given to the effect that high mortgage and credit card interest rates have on the average citizen. Some people have purchased houses using “balloon” mortgages—mortgages that start with a low interest rate and then are adjusted to higher rates. Others face credit card interest rates that increase in exploitative ways when credit card users do not pay monthly balances on time. Since, interest can be compounded at a given rate of according to a given schedule, consumers sometimes find that their dept increases in dramatic ways if they do not pay on time.
This application allows users or players to see the results of given purchases of items. Purchase of a durable consumer item, such as a DVD player, a large screen television, or some other such item can lead to substantial interest payments. This application can be extended to show how much interest can affect an overall budget. It is not enough, for example, to simply divide $2300 by 12 to find out how much needs to be set aside each month during a year’s time to find out how much a new television will stress a monthly budget.
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Enter values for the different fields and calculate the savings loan interest rates. You can change this lab in several ways: |
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