A Dealing with Dollar $ workshop Financial Choices and Options.

a Dealing with Dollar$ workshop

Financial Choices and Options

Activity

A secret admirer has left a $100 gift card in your

mailbox. Which store would you like it to be for?

BankCredit UnionFinance CompanyOther

Name one of these:

True or False?

Banks offer many different services

Credit unions have customers not members

Payday loan companies sell money?

People on income support can not open a bank account

Interest Rate An interest rate is the rate charged or paid

for using money. You are charged an interest rate when you borrow money and paid an interest rate when you loan money (placing it in a savings account is like a loan to the bank).

Short on cash?March 30- Borrow $300.00

Interest rate is 29%

April 8 - Pay back $422.00

How much did it cost you to borrow $300?

How much profit did the store make selling you $300?

Need a loveseat?

Option 2 Fred’s Furniture Store

Save and Buy= $649.00

Option 1 Rent to Own$17 per week for 92 weeks = $1600.00

Creditor

A person or company to whom money is owed

NL Power says you have to paythem $50 today but you don’thave it. What can you do?