1. Loans Claire W, Emily M, Lindsey M, Andrea B

2. What can people get a loan for? You can get a loan for just about anything like an auto loan, house loan, or student loan

3. What is APR? APR stands for Annual Percentage Rate. Reflects the effective cost of your loan on a yearly basis Takes into account fees and costs like interest, mortgage insurance, most closing costs, discount points and origination fees. May change with any loan term, loan amount, or other criteria because it is only an estimate. Intended to give you more info on what you’re really getting and the true cost of the loan, making fair comparisons with the lender fee.

4. Interest Rates Home Mortgage: The interest rates are determined due to how much the loan is and what type of loan it is 30-Year Fixed 30-Year Fixed 30 year fixed loan-you pay the loan off in 30 years and for all those 30 4.625% years the interest rate will be the same $1,028.28 15-Year Fixed 15-Year Fixed 15 year fixed loan- you pay off the loan in 15 years and for all those 15 years 3.750%the interest rate will be the same $1,454.44 5-Year ARM 5-Year ARM 5 year ARM- you pay the loan off in 5 years however the interest rate 3.500%changes annually due to the market of mortgages $898.09

5. Should you shop around for a loan? You should be shopping around for a loan because different banks have different interest rates Some banks could have high interest rates and low penalties and vice versa It’s good to explore your options before you pick one.

6. Car Loan Example 2014 Ford Taures LenderLoan PrincipalLoan TermInterest RateMonthly Payment Total amount Scenario 1$1897836 months6.75%$562.75$20259.02 Scenario 2$1897848 months4.75%$414.16$19879.46 Scenario 3$1897848 months5.99%$419.06$20114.78 Scenario 4$1897836 months4.50%$564.54$20323.44 Scenario 5$1897860 months3.75%$347.37$20842.20

7. Scenario 2 would be best for people just starting out because it has a low interest rate and has the lower monthly payments of $414. Scenario 1 would be the best for people who have money in savings, because they would be able to pay off the loan faster, because the monthly payments are $563.

8. Prioritizing Paying Off Loans If your loans are relatively close in amount you should pay off the loan with the higher interest rate. However if you have a loan with a high balance with a low interest rate you should put money towards that loan o little interest on a lot of money

9. Example Car loan: Amount owed: $9,000 Interest rate: 3.99% Student loan: Amount owed: $28,000 Interest rate: 7.50% You should pay off the student loan first because the amount is higher and the interest rate is a lot higher too. The longer it takes for you to pay off that loan, it will cost you a lot more money than if it takes you longer to pay off the car loan.