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Grade 9-12
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Lesson
How Expensive are Payday Loans?
Objective
Students will be able to:
- Determine the total cost of a payday loan when given the amount financed, finance charge, and terms of the loan in weeks.
- Graph the relationship between the number of times a payday loan is renewed and the total cost of the loan.
- Rearrange the equation for the total cost of a payday loan to determine the finance charge.