Loan Calculator Challenge Worksheet
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Loan Calculator Challenge Worksheet
💰 Part 1: Key Terms Quick Check
Interest is the _____________ you pay for borrowing money.
A loan is money that you _____________ and must pay back.
🧮 Part 2: Loan Calculator Challenge
Use a loan calculator to complete the scenarios below. Show your working in the boxes provided.
Loan Amount: £2,000 | APR: 6% | Term: 2 years
Monthly repayment: £ _________
Total amount repaid: £ _________
Total interest paid: £ _________
Loan Amount: £8,000 | APR: 4.5% | Term: 3 years
Monthly repayment: £ _________
Total amount repaid: £ _________
Total interest paid: £ _________
🎯 Part 3: Analysis & Advice
Option 1: 12% APR for 1 year | Option 2: 8% APR for 2 years
Which option would you recommend and why?
1. _________________________________________________
2. _________________________________________________
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