(Optional) Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.

Calculation should include

• using the simple interest formula (Interest = Principal x Rate x Time)
• computing compound interest and explaining the implications of compounding interest on unpaid balances
• explaining how the amount of the principal, the period of the loan, and the interest rate affect the amount of interest charged
• understanding the implications of online loan applications and sharing of personal information such as social security number and address.