OVERVIEW 

Even if you don’t need to borrow money today, you’ll soon be flooded with tempting offers for car loans, credit cards, cash-advance loans, cellphone service, and more. Boosting your borrowing IQ now will prepare you to make smarter decisions whenever you decide to take the credit plunge. 

This lesson will help you calculate the costs of borrowing options. 

In this lesson students calculate the costs of borrowing options. Along the way they will:  

• Give examples of how credit is used.  

• Identify typical costs and terms of credit.  

• Calculate the cost of using credit. 

Students will use what they learn to consider borrowing options for a specific situation.