Compound Interest Activity
Directions: Use the links below to fill in the highlighted blanks
Lesson Learned: 1. Compound interest can earn you a lot of money if you give it a lot of time.
Compound Interest Calculator: http://www.moneychimp.com/calculator/compound_inte…
Lessons Learned: 2. A one-time windfall can grow massive over time. 3. Adding a modest amount to an investment can have a large effect. 4. The interest rate makes a large difference in the money earned.
Home Mortgage Calculator: mortgage calculator (Use the calculator at the top of the results.
Lessons Learned: 5. Shortening the time to pay a loan can drastically reduce how much you have to pay in the long run. 6. We shorten a loan by paying more per month. 7. A higher interest rate will drastically increase the cost of a home loan.
Additional Lessons to Learn: 8. Having a good credit score will allow you to get lower interest rate loans. 9. You can achieve a perfect credit score by living debt-free
Of all the Lessons Learned and Additional Lessons, which do you feel is most important for you to remember? Why? (50 words)
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