Description
In this lesson, students explore the idea of getting a car loan. The lesson extends their knowledge on saving money from the last lesson to the mathematics behind borrowing it. The formula for the monthly payment on a loan is derived using the formula for the sum of a geometric series. Amortization tables are used to help students develop an understanding of borrowing money.
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Credits
From EngageNY.org of the New York State Education Department. Algebra II Module 3, Topic E, Lesson 30.
Available from engageny.org/resource/algebra-ii-module-3-topic-e-lesson-30; accessed 2015-05-29.
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