S R = ngpf financialalgebra 7.3 Auto Loans and Mortgages Student Activity Packet o Name: IN THIS LESSON, YOU WILL: Evaluate expressions # Explain the difference between secured and unsecured loans Compare how auto loans and mortgages are similar and different * Demonstrate how interest rate, term, and down payment affect the monthly payments of a loan Describe the steps that a borrower should take if they fall behind on their loan payrments Q INTRO Discussion Prompt: Your Dream Home/Car Consider your life after graduation. 1. Describe your dream house and dream car. A modern 2 story house with a big backyard and big windows A Range rover 2. Do you expect to own a home and a car immediately after you graduate? | do not expect to buy a house after | graduate i will probably rent a house and then when i have enough money to put an initial amount i will consider buying a house 3. List all the factors that affect your ability to afford these dream items. Wage paying, debts, money, credit score, initial amount and interest rate @ LEARN IT VIDEO: All About Car Loans Buying a car involves making a lot of decisions beyond what car you want. How much can you afford? What type of financing is best for you? Where is the best place to get a loan? Watch the video in order to answer these questions. 1. The larger your down payment amount,the _smaller____________ your monthly payments. 2. The higher your credit scoreis,the __better______ your APR. 3. You should shop around for a loan pre-approval from a direct lender before going to the dealer b-cauul 4. Theshorteryourtermlength,the __ your monthly payments, and the the total interest you will pay. 5. What reasons would you choose to lease a car vs finance