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Activity: The Cost of Being Late
Go to: http://illuminations.nctm.org/LessonDetail.aspx?id=L804 (opens a new window)
Description: The primary goal of this lesson is to understand that the costs associated with buying on credit and that making only minimum payments are problematic to long-term financial health. The secondary goal is to formulate a plan to extinguish the debt quicker. This lesson will help students see the real cost of purchasing an item when interest and fees are added to the purchase price. The scenario that will be used for this lesson is based on the first year of the life of a new credit card. The student handout describes the scenario and poses a series of questions based on the use of either the simulator or the spreadsheet application.
Technology Type: Spreadsheet 
Author: Julie Healy
Language: English 
Cost: Does not require payment for use

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Tool: Compound Interest Simulator
Courses: Math 7 Fractions, Writing decimals, Percentages, Writing percentages, Equations and functions, Setting up an equation
Financial Education Annual percentage rate (APR), Borrowing, Credit, Debt, Interest rate