Understanding Loans

We will first look at reasons why people borrow money. Then, we will consider various types of loans, their features and associated costs.

*Learn about*:

• Secured Loans

• Unsecured Loans

• Term Loans

• Revolving Credit

There are also several Excel demonstrations on the calculation of interest rates for the various types of loans.

Learn about these various types of loans in order to better manage your spending and debt.

We will cover some broad categories of loans namely term and revolving credit. We will also study how to derive the actual interest payable mathematically. This will help us choose the type of loans suitable for our needs.

*WHAT YOU WILL LEARN*

✔ Understanding Loans Introduction

✔ MoneySENSE Core Financial Capabilities Framework

✔ Why Do People Borrow?

✔ Types Of Loans

✔ Features Of Term Loans

✔ Term Loans - Flat Rate and Monthly Rest

✔ Term Loans - Flat Rate Discount and Fixed Principal Repayment

✔ Term Loans - Fees and Charges

✔ Features Of Revolving Credit

✔ Notes: Effective Interest Rates

✔ Excel Demo - Flat Rate Interest

✔ Excel Demo - Flat Rate Discount

✔ Excel Demo - Fixed Principal Repayment

✔ Excel Demo - Effective Interest Rate Calculator

✔ Case Study 1 - How Credit Card Interest Is Computed

✔ Case Study 2 - How Long For Your Debt To Double?

✔ Case Study 3 - What If You Only Paid Back The Minimum Sum?

✔ Using Credit Cards Wisely

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Instructed By : Institute for Financial Literacy & Peggy Chan

The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.

Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.

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