students will be able to:\n- identify the major types of credit and their characteristics\n- understand the…

students will be able to:\n- identify the major types of credit and their characteristics\n- understand the three basic components of lines of credit: principal, interest rate and term\n- define net - worth and how it is calculated\nnote: vocabulary for this unit can be found in the ngpf personal finance dictionary\n\nintro\nprompt\nuse the space below to answer the prompt.\n1. reflect on a time where you borrowed from or lent money to someone.\n a. who did the loan involve?\n b. what was the agreement for repayment?\n c. did the agreement work out the way you anticipated?\n d. were both people happy at the end?\n\nlearn it\nedpuzzle: loan basics\nperhaps youve casually lent or borrowed money from a friend before. but more formal loan arrangements from a financial institution come with far more terms you must understand in order to get a fair deal. watch this video and follow your teachers directions to answer the questions either in your student activity packet or within the edpuzzle itself.\n1. the details of any loan will include the following 3 components:\n a. the principal, the interest rate, and the loan term\n b. the money you pay, the money the lender pays, and the principal\n c. the mortgage, the auto loan, and the small business loan\n d. the loan amount, the credit card payment, and the statement

students will be able to:\n- identify the major types of credit and their characteristics\n- understand the three basic components of lines of credit: principal, interest rate and term\n- define net - worth and how it is calculated\nnote: vocabulary for this unit can be found in the ngpf personal finance dictionary\n\nintro\nprompt\nuse the space below to answer the prompt.\n1. reflect on a time where you borrowed from or lent money to someone.\n a. who did the loan involve?\n b. what was the agreement for repayment?\n c. did the agreement work out the way you anticipated?\n d. were both people happy at the end?\n\nlearn it\nedpuzzle: loan basics\nperhaps youve casually lent or borrowed money from a friend before. but more formal loan arrangements from a financial institution come with far more terms you must understand in order to get a fair deal. watch this video and follow your teachers directions to answer the questions either in your student activity packet or within the edpuzzle itself.\n1. the details of any loan will include the following 3 components:\n a. the principal, the interest rate, and the loan term\n b. the money you pay, the money the lender pays, and the principal\n c. the mortgage, the auto loan, and the small business loan\n d. the loan amount, the credit card payment, and the statement

Answer

Brief Explanations:

1a. This requires recalling a personal - loan situation and identifying the parties involved. 1b. Involves remembering the repayment agreement made. 1c. Assesses whether the agreement was executed as expected. 1d. Determines the satisfaction of both parties at the end. For the multiple - choice question, the key components of a loan are the principal (the amount borrowed), the interest rate (the cost of borrowing), and the loan term (the time period for repayment).

Answer:

1a. Answers will vary based on personal experience. 1b. Answers will vary based on personal experience. 1c. Answers will vary based on personal experience. 1d. Answers will vary based on personal experience.

  1. A. The principal, the interest rate, and the loan term