Interest, Loans and Credit

You want to buy a new bike, but you've only got half the money you need. You might consider a high-interest savings account. But how long would it take to save? And how much would you pay in bank fees? Alternatively, you could get a personal loan, credit card, interest-free loan, or store credit? This vibrant, fast-paced program takes a mathematical approach to finding the right financing option. It explores simple interest, compound interest, and various financing options with or without interest. It considers fees and charges, interest earned or paid, and how long it will take to achieve your goal.

Duration: 17 minutes

Year: 2011