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Option 2: Investigate Pay Day loans or Title loans such as "Check into Cash" or Midwest Title Loans". Part (A) Suppose you borrow $1000 from the loan business. 1. How much would you have to pay back and how soon would you have to pay it back? Calculate the amount of interest (in dollars) that you will have to pay Calculate the annual interest rate (in percent) that you are being charged Are there any additional fees that you will have to pay? Explain how and where you got all of your information. Did you get your info from a website? If so, copy and paste the URL of the website into your summary. Did you go to the store? If so, give the location and the name of the person with whom you spoke 2. 3. 4. 5. Part (B) Suppose you bormow $1000 from a bank instead of a loan business 1. 2. 3. What bank will you use to take out a personal loan? What is the current interest rate they charge for personal loans? Suppose you have the same amount of time to pay the bank back as you did the loan business. In other words, if you were required to pay the loan company back in 6 months, then assume that you also have to pay the bank back in 6 months. Using this fact, determine how much interest you would have to pay the bank on the loan Determine the total amount you would have to pay back to the bank and compare it to the amount you had to pay back to the loan company. Which is more? How much more? Explain how and where you got all of your information. Did you get your banking info from a website? If so, copy and paste the URL of the website into your summary. Did you go to the bank? If so, give the location and the name of the person with whom you spoke 4. 5. Do BOTH parts (A) and (B). Use your TVM Solver and show the math to support your conclusions. Create both a poster and a written summary of this information to turn in. Option 2: Investigate Pay Day loans or Title loans such as "Check into Cash" or Midwest Title Loans". Part (A) Suppose you borrow $1000 from the loan business. 1. How much would you have to pay back and how soon would you have to pay it back? Calculate the amount of interest (in dollars) that you will have to pay Calculate the annual interest rate (in percent) that you are being charged Are there any additional fees that you will have to pay? Explain how and where you got all of your information. Did you get your info from a website? If so, copy and paste the URL of the website into your summary. Did you go to the store? If so, give the location and the name of the person with whom you spoke 2. 3. 4. 5. Part (B) Suppose you bormow $1000 from a bank instead of a loan business 1. 2. 3. What bank will you use to take out a personal loan? What is the current interest rate they charge for personal loans? Suppose you have the same amount of time to pay the bank back as you did the loan business. In other words, if you were required to pay the loan company back in 6 months, then assume that you also have to pay the bank back in 6 months. Using this fact, determine how much interest you would have to pay the bank on the loan Determine the total amount you would have to pay back to the bank and compare it to the amount you had to pay back to the loan company. Which is more? How much more? Explain how and where you got all of your information. Did you get your banking info from a website? If so, copy and paste the URL of the website into your summary. Did you go to the bank? If so, give the location and the name of the person with whom you spoke 4. 5. Do BOTH parts (A) and (B). Use your TVM Solver and show the math to support your conclusions. Create both a poster and a written summary of this information to turn in