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Promissory Notes Activity

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					Promissory Notes Activity

Discover Annual Percentage Rates (APR) at a number of Financial Institutions and
record their interest rates in the following categories:

      Personal Loan
      Car Loans (Used)
      Mortgage Rates (30 year fixed)
      Student Loans

Financial Institutions that will be used:
   – Wells Fargo, US Bank, West Bank, Veridian Credit Union, Bank of America,
      and Bank of the West.
   – Once you discover these rates, you will share your findings with your
      classmates.


At these institutions, you have experienced the following 4 transactions: You are
given their maturity dates.

      You took a $3,000 personal loan to pay for bills due to a loss of a job.
       This loan repayment term will last 2 years.

      You purchased a used car for $7,500 and took out a $6,000 car loan to
       assist you. This loan repayment term will last 5 years.

      You and your spouse purchased your first home and took out a
       $150,000 mortgage to assist you in your payments. This loan
       repayment term will be for 30 years.

      You are beginning your junior year of college and to pay for tuition and
       books you need to take out a $4,500 student loan to help. This loan
       repayment term will last 10 years.


Your task is to determine for each loan the:
      Total Amount of Interest
      Maturity Values
      Monthly Payments

You will then share your results with the rest of the class.

				
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