The Cost of a Loan
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The Cost of a Loan
Cost of a loan worksheet: eight problems to find the total paid back, the monthly payment, and which of two loans charges more interest. Grade 8, with an answer key.
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Teach it first
The Cost of a LoanA teaching handout to hand out before this sheet: the rule, worked examples and common mistakes.- Pages
- 1
- Last updated
- Time
- About 15 minutes
- Answer key
- Included
- Printing
- Black and white
- Related curriculum
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Find simple interest with I = Prt, work out compound interest year by year, find the total cost of a loan, and compare two loans or savings plans.
Reviewed by Mr. Robert Harrison, Teacher. How we check worksheets
How to use this sheet
- Have the child say what each choice costs in the end, not only what it costs today.
- For interest, have the child make a table, year by year, before using a formula.
- Talk about the questions with real examples, such as a phone plan or a savings account.
Common mistakes
- Thinking a credit card is free money. What is spent must be paid back, often with interest.
- Working out compound interest as simple interest. Each year’s interest is earned on the new total.
- Writing an interest rate of 5% as 5 in a formula. Use 0.05.
