In this worksheet, students will explore how different interest rates affect the monthly payment and total interest to be paid for a car loan. The scenario involves a car loan amount of $40,000, with a duration of 7 years. Students will use a slider to adjust the interest rate and observe the changes in monthly payments and total interest. They will record the values for different interest rates and analyze the impact of interest rate changes on the overall cost of the loan.
Key Learning Outcomes:
- Interest Rate Awareness: Students will understand how varying interest rates impact loan payments and total interest.
- Financial Data Analysis: Students will develop skills in analyzing financial data related to loan agreements.
