Have you ever thought of how much it might cost you to finance the purchase of a home? The home's purchase price is likely to be many times the yearly income of the typical household. If families waited until they had accumulated enough savings to use cash to pay for a home, they would be denied the benefits of homeownership for many years. Instead, most families go to a mortgage banker or some other lending institution to obtain the necessary credit to purchase their home. A mortgage loan is a credit instrument used by homebuyers to finance the purchase of a home. Interest payments made on the mortgage loan represent the cost of acquiring this credit. For most homebuyers, the largest cost of buying a home is the monthly interest paid on the mortgage loan.
Friday the 13th was your lucky day. You won the lottery! The lottery officials have given you a choice. You can either receive the $10 million now in one lump sum, or you can receive $1 million a year for the next 20 years. Now what do you do?
Students will read the comic book, "A Penny Saved" published by the New York Federal Reserve Bank. Students will make the information relevant through projects, graphic organizers, teacher instruction, and problems.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This publication contains lessons for teaching personal finance concepts to 9-12 students. Lessons for older students illustrate certain uses of more abstract representations.
4 out of 24 lessons from this publication relate to this EconEdLink lesson.
Use this DVD program to show students how to live healthy, wealthy and risk-free.
3 out of 12 lessons from this publication relate to this EconEdLink lesson.
This publication contains 23 lessons that introduce high school students to the world of investing--its benefits and risks and the critical role it plays in fostering capital formation and job creation in our free market system.
2 out of 23 lessons from this publication relate to this EconEdLink lesson.