**Total Cost of a Loan** The **total cost of a loan** is the total amount sent to repay the loan. Total cost includes the principal and all interest paid over the length of the loan. Total cost also includes any fees charged.

**Cost of Credit** The **cost of credit** for a loan is the difference between the total cost and the principal.

You can use the information from the online loan calculator shown above to find the total cost and the cost of credit for the given loan after 60 monthly payments of $386.66.

**TEKS** 8(1)(A), 8(12)(A), 8(12)(B)

**Intro**

Unlike a car loan, a credit card loan does not have a set term or require fixed monthly payments. Before you make a purchase with a credit card, you may want to use an online loan calculator to plan a budget of monthly payments to pay off the loan.

Digits, Grade 8, Volume 2, Homework Helper
Unit D: Two-Dimensional Shapes
Unit E: Measurement and Data
Math Symbols
Formulas Measures
Properties

Topic 11: Scatter Plots
Topic 12: Samples

Unit F: Personal Financial Literacy
Unit G: Step-Up Lessons
- 11-1: Interpreting a Scatter Plot
- 11-1: TEKS Practice
- 11-2: Constructing a Scatter Plot
- 11-2: TEKS Practice
- 11-3: Investigating Patterns – Association
- 11-3: TEKS Practice
- 11-4: Linear Models – Fitting a Straight Line
- 11-4: TEKS Practice
- 11-5: Using the Equation of a Linear Model
- 11-5: TEKS Practice
- 11-6: Additional Problem Solving
- 11-6: TEKS Practice

Topic 15: Step-Up Lessons

English/Spanish Glossary
Formulas
- 15-1: Solving Equations Using the Distributive Property
- 15-1: TEKS Practice
- 15-2: Solutions – One, None, or Infinitely Many
- 15-2: TEKS Practice
- 15-3: Exponents and Multiplication
- 15-3: TEKS Practice
- 15-4: Exponents and Division
- 15-4: TEKS Practice
- 15-5: Operations with Numbers Expressed in Scientific Notation
- 15-5: TEKS Practice
- 15-6: Solving Simultaneous Linear Equations Using Addition
- 15-6: TEKS Practice
- 15-7: Solving Simultaneous Linear Equations Using Subtraction
- 15-7: TEKS Practice