MAP4C1 – Computer Lab
Name: _____________________
Date: ______________________
In this lab you will use online resources to begin investigating your understanding of financial
issues and how you can improve your financial literacy.
You have a number of options for today, depending on what interests or needs you think you will
have in the near future.
Select either Part A, or Part B.
Part A: Mortgages
1. So you want to buy a house or condominium? You will likely need to borrow money.
Start with the major financial institutions – the banks. List all the Canadian banks you can think
of below and beside their names write down the main website to access them:
2. Now we have discussed mortgages, but we have not discussed how much of a mortgage is
appropriate or ‘affordable’. Is a $100, 000 mortgage affordable? What about a $300, 000
mortgage? How do we know?!?
Use one of the bank’s websites and begin to browse the information they have on mortgages. Do
any of them offer any information on what size mortgage is affordable? If not, you may have to
select a different bank! Explain this information below.
3. Do the bank websites offer ‘mortgage’ calculators online? How do they compare to our TVM
calculators?
4. Finally – imagine you actually do need to take out a mortgage within the next few months.
What specific steps will you take and what requirements must you meet? List them below. You
must be absolutely clear!
Part B: Taking out a Loan
1. So you need a loan? We have worked with loans in class. How do you go about getting a
loan? Let’s assume for our purposes here the loan value will be between $20,000 and $50,000.
Start with the major financial institutions – the banks. List all the Canadian banks you can think
of below and beside their names write down the main website to access them:
2. Select one of the banks and go to their website. Look for which Loans are available. If they
offer different types of loans select one – if you are unsure go through the different types and
read to see why they are different (Note: you are not looking at mortgages here).
Once you have selected a particular type of loan, does the bank offer any options for that loan?
List them with explanations below. If the bank offers no choice, you may want to select a
different one!
3. Do the bank websites offer any ‘online’ calculators? How do they compare to our TVM
calculators? (ie. list what is similar and what is different)
4. Finally – imagine you actually do need to take out a loan within the next few months. What
specific steps will you take and what requirements must you meet? List them below. You must be
absolutely clear!