1. Interest Rates and Borrowing Be a $mart consumer.

6. $ Open an Excel spread sheet and type the PMT formula as shown above. $ Put your name in cell D1. $ Save as period number last name first name payment $ CCHS print LHS save to grading flash drive or email keithd@clayk12.org

7. Quick Review In this lesson, you learned that the PMT function can be used to calculate the amount of monthly payments on a loan based on the interest rate and time of payment and used an Excel spreadsheet to calculate the payments. $ You can easily see that when you borrow money o you end up paying a huge portion in interest. $ Debt influences future employment and purchases in many ways. $ Employers often run a credit check on potential employees $ they know that financial problems may mean problems on the job. $ Any time you apply for a credit card or a loan, your credit is also checked. $ So start from the beginning $ establish good credit, $ always pay your bills on time, $ and limit the amount of debt you incur.