Activity

Part A

Conduct online research and find three different types of loans that are available to consumers.For each loan, describe its features and benefits along with the costs and risks of the loan.Fill out the table using the information you gathered. _ Loan 1 Loan 2 Loan 3

Type of loan

Features/benefits

Costs

Risks

Part B

Calculate payment schedules for the three loans you identified in Part A. For each loan, use an online calculator or spreadsheet to calculate the cost of the loan.Then, fill out the following information in the table below:

• monthly payment based on the term
• APR
• number of payments required

Loan 1 Loan 2 Loan 3

Loan amount

Monthly payment

APR

Number of payments required