Short term Loan for furniture and appliances
You must complete the calculations for all 3 scenarios and then circle the method that
best suits your financial situation. This is the number you will use for “personal loan
payment” on the Big Budget Chart.
One year same as cash
Furniture cost
Appliances
Other
TOTAL
Divided by 12
+________________
+________________
+________________
=________________
__________per month
Two years 3% simple interest
Furniture cost
Appliances
Other
SUBTOTAL
Multiply by 1.03
TOTAL
Divide by 24
+________________
+________________
+________________
=________________
1.03 ___________
_________________
÷ 24 _________per month
Five years 5 % simple interest
Furniture cost
Appliances
Other
SUBTOTAL
Multiply by 1.05
TOTAL
Divide by 60
+________________
+________________
+________________
=________________
X 1.05___________
_________________
÷60_________per month
List all furniture and appliances and the price below.