Owning a
home or car is something that most will do or want
to do at some point in life. However, many
people do not understand the "Cost of Ownership".
To discuss interest rates and FICO scores for some
is completely foreign terminology. In this
project, students will calculate monthly payments
based using the payment formula, calculate the total
amount that they will pay for a car or home based on
the best interest rate they could get using their
own FICO scores, explore what happens to their
accessible interest rate as their FICO score changes
and interpret that change in terms of the total
"Cost of Ownership".
This problem-solving based RWLO is intended for use
in an Intermediate Algebra, College Algebra, Liberal
Arts Math or Business Math course after students
have been exposed to simple and compound interest. |