Scratch
Create a loan and interest calculator in Scratch.
First - Make a bunch of variables.
Next Ask: How much money do you need to borrow?
Then Ask: What is the interest rate?
Then write a math program in scratch that converts the interest rate from a percent to a decimal, then multiplies that decimal by the loan amount.
Have the computer tell you how much interest you need to pay at the end of the year.
Use your new program to answer this question:
What loan should you get to pay the least interest?
- $100 000 at 7.5% from TD
- $125 000 at 6.9% from RBC
- $90 000 at 8% from BMO
- $88 000 at 7.9% from ScotiaBank
