Question: Unit 2 Lesson 6 Loans Skill 1: Loan Types What do you need a loan for? Who will lend you money? oShort Term oLong Term

Unit 2 Lesson 6

Loans

Skill 1: Loan Types

What do you need a loan for?

Who will lend you money?

oShort Term

oLong Term

Pay Day Loans

What is Collateral?

How does the bank guarantee that they will get their money?

The bank generally checks three things:

o

o

o

Skill 2: Loan Calculators

Common Vocabulary

Interest rate

Interest

Borrowing Cost

Term

Amortization

Repayment Period

Payment Frequency

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