Common Small Loan	Easy Access Loan
Loan Amount	$1,000	$1,000
Term	12 months	14 days
Interest Rate (Simple Interest)	7%	n/a
Financial Fee	n/a	$300*
Annual Percentage Rate (APR)	7.22%	782% (Yes this APR is correct)
Payment	$86.63 per month	Your Answer:
Total Interest/Fees	Your Answer:	Your Answer:

*1^st 14 day fee is $300; if renewed, an additional $300 fee is required

1. How much did each lender charge for borrowing $1,000?

Common small loan: __________________ [(Payment * Term) Loan Amount]

Easy access loan [Financial Fee] ___________________

2. Which loan is a better deal for the consumer? _______________________________