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Name: ___________________________________________

This or That?

Directions: For each problem, calculate how much both options would have to pay back each month.

1.)
Attending the University of Houston Main Campus Attending the University of California Los Angeles

The bank agrees to give you a loan of $35,000 The bank agrees to give you a loan of $48,000
with 2% simple interest over 8 years. How much with 2% simple interest over 9 years. How
will your monthly payments be? much will your monthly payments be?

2.)
Ferrari 488 Lexus 350

The bank agrees to give you a loan of $245,000 The bank agrees to give you a loan of $45,000
with 2% simple interest over 12 years. How much with 2% simple interest over 5 years. How
will your monthly payments be? much will your monthly payments be?

3.)
High-rise apartment in New York City Mansion in Houston, TX

The bank agrees to give you a loan of The bank agrees to give you a loan of $900,000
$1,500,000 with 3% simple interest over 15 with 5% simple interest over 8 years. How much
years. How much will your monthly will your monthly payments be?
payments be?

4.)
Opening up a Chick-Fil-A Opening up a Starbucks

The bank agrees to give you a loan of $35,000 The bank agrees to give you a loan of $315,000
with 5.5% simple interest over 8 years. How with 1.5% simple interest over 8 years. How
much will your monthly payments be? much will your monthly payments be?
5.)
Vacation in Paris Vacation in Tokyo

The bank agrees to give you a loan of $9,000 The bank agrees to give you a loan of $7,000
with 2% simple interest over 3 years. How much with 1% simple interest over 2 years. How much
will your monthly payments be? will your monthly payments be?

6.)
Travel to Russia for the FIFA 2018 finals Travel to Minneapolis for the 2018 Super Bowl

The bank agrees to give you a loan of $4,000 The bank agrees to give you a loan of $3,000
with 1% simple interest over 2 years. How much with 2% simple interest over 1 year. How much
will your monthly payments be? will your monthly payments be?

Now decide from each category which option you would choose and figure out your how much money you
would have to set aside for all payments every month.payment