The Game of Life 4

What are they and why do we have them?

Understand the interest rate definition. Learn more about interest rate meaning and its significance in formulating policy in an economy with examples.

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Some people pay more than others

An easy way to think of interest is additional money that is charged when a borrower receives a loan. Examine the potential advantages and disadvantages of fixed interest rates and variable interest rates.

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How much do I really pay?

Learn how to find simple interest using the simple interest formula. Understand the formula's variables, and practice calculating simple interest with examples.

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Know the definition of the effective annual rate (EAR), see the formula for calculating the effective annual rate, and explore some examples on how to calculate the effective annual rate.

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