Paying for a science expedition using credit
Students play a game to explore how borrowing affects the total cost of purchases.
Borrowing money instead of paying cash for items can increase the total amount paid.
- How can borrowing money to buy items increase the total amount you spend?
- How do you calculate the cost of a purchase including interest?
- Calculate the total cost of items using an oversimplified interest formula
- Reflect on how borrowing affects the overall cost of an item
What students will do
- Play a game to calculate the costs of borrowing money to buy supplies for an imaginary science expedition.
- Discuss how borrowing money can increase the total cost of something over time because of the interest rate on the loan.