# What other factors would affect the decision.

John Walters is comparing the cost of credit to the cash price of an item. If John makes an \$80 down payment and pays \$35 a month for 24 months, how much more will that amount be than the cash price of \$685?

1.\$ .____

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A payday loan company charges 5 percent interest for a two-week period. What would be the annual interest rate from that company?

2. ____%

What is the interest cost and the total amount due on a six-month loan of \$1,500 at 13.2 percent simple annual interest? Use simple interest formula: I   = P x r x T

3. Interest \$_____

4. Amount Due After 6 months: \$____

Brooke lacks cash to pay for a \$600 washing machine.  She could  buy it from the store on credit  by making 12 monthly  payments of \$52.74 each. The total cost would then be \$632.88. Instead, Brooke decides to deposit \$50 a month in the bank until she has saved enough money to pay cash for the machine. One year later she had saved \$642—-in deposits  plus \$42 in interest. When she goes back to the store, she finds that the washing machine now costs \$660. Its price has gone up 10%.  Was postponing her purchase a good trade-off for Brooke? What other factors could be in play in this situation?

5. Good Decision; Yes or No and why

6. What other factors would affect the decision. List 2

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