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Course 154 · Money course 25

Compare Loan Terms and Build a Payment Schedule

Practice compare loan terms and build a payment schedule with complete fictional records, worked calculations and changed-input checks.

Before you start

Use the supplied fictional case; paper and a calculator are sufficient.

Practical Math and Data for Work and Training See everything you’ll need

Free download · Original practice data · No external account required. Download the starter pack

What you’ll leave with

A checked amortization schedule and loan-offer comparison separating cash received, interest, fees, total cost and early-payment rules.

Start course Start without an account. Sign in to save lesson progress across devices.

Your project

Start with the practice files. Build your project one lesson at a time.

Practice files are free without an account. Sign in to save your project record in My Proof: a description, checklist, and optional work link. Keep the original files in your own app or notebook; saving a project record does not upload them.

  1. Get your materialsDownload practice filesSupplied practice cases, a blank working record, complete lesson instructions, and annotated worked examples.
  2. Make your projectView the project checklist Work in your own notebook, document, or software. Use the supplied practice examples when you prefer.
  3. Keep a private recordSave a project record Sign in to save a description and checklist, then return to update them.
Course handbook

Know the route before you begin.

Here’s what you’ll need and what you’ll make. You can return to this guide during any lesson.

Who this is for

Learners ages 14+ practicing independently; adult-only transactions are studied as fictional future decisions.

Prepare before lesson one
  • Use the supplied fictional case; paper and a calculator are sufficient.
  • Recommended preparation: Practical Math and Data for Work and Training. Do not supply private financial documents.
Your final project

Finish with proof you can use.

A checked amortization schedule and loan-offer comparison separating cash received, interest, fees, total cost and early-payment rules.

Save a project record in My Proof
See project checklist and review criteria

Keep your working files in your own notebook or software. Save a private description, checklist, and work link in My Proof.

What to include

  • A loan-proceeds comparison with a funding-gap calculation and disclosure questions.
  • A checked one-period payment allocation and principal roll-forward.
  • A four-period amortization table with final payoff and total-interest checks.
  • A term/cost/affordability scorecard for comparable loan offers.
  • An extra-payment scenario with principal application and prepayment questions.
  • A borrowing-or-wait decision brief with a savings path, cost and review trigger.

Review and revise

Use these criteria to check your work and choose what to improve.

  • All supplied records reconcile and the decision uses the named case rules.
  • Calculations show units, intermediate values and a second check.
  • Changed-input practice revises the affected result and identifies uncertainty.
  • The final project combines six lesson records, separates fictional assumptions from current rules, and states a supported next step.
Three ideas to help you along the way
Three useful ideas

The rules behind the steps.

01

Trace the money

For compare loan terms and build a payment schedule, keep the source amount, transformation and resulting balance together.

02

Keep the assumption visible

Use the stated rate, date, permission and case rule; a real arrangement can produce a different result.

03

Test the decision

Use a changed input and a clear stop or review condition before turning this practice into an action.

What do these words mean?
Key words

Key terms worth knowing.

Principal
The loan balance before the period’s new interest and fees.
Amortization
A schedule showing how payments cover interest and reduce principal over time.
Proceeds
Money actually delivered for use after stated upfront deductions.
Prepayment
Payment before its scheduled time, governed by the agreement’s application and fee rules.
Your route

6 lessons.
One useful project.

Work in order the first time. Each lesson makes something the next lesson can use.

  1. 1
    Up next

    Identify the loan cash received

    Separate contractual loan principal from delivered proceeds and upfront deductions.

  2. 2
    9 min

    Separate principal and interest in a payment

    Split an amortizing payment into period interest and principal reduction.

  3. 3
    15 min

    Build a checked amortization schedule

    Build a linked cent-rounded amortization schedule and calculate the exact final payment.

  4. 4
    10 min

    Compare term and total repayment

    Compare complete loan payment totals and monthly feasibility for equal proceeds.

  5. 5
    11 min

    Test an extra principal payment

    Test a specified extra-principal payment and compare the following interest period.

  6. 6
    13 min

    Write a borrowing-or-wait decision

    Compare borrowing with a feasible saving alternative by the same need date.

Use the tools

Tools to help you practice.

See all tools
ZIP · practice files

Compare Loan Terms and Build a Payment Schedule practice files

Supplied practice cases, a blank working record, complete lesson instructions, and annotated worked examples.

Text worksheet

Your course project worksheet

A downloadable text worksheet with each lesson’s working output, space for your answers, and the shared final-project checklist. Save your own copy.

Source transparency

Sources and further study.

Explore the references behind the lessons and take your learning further. Source notes explain access and reuse.

CFPB — Do personal installment loans have fees?
Source & access notes · checked 2026-10-01

Official page opened/read during Money expansion authoring; checked the relevant concept and access state. These sources do not establish funding eligibility.

Access: Readable official webpage inspected with the web reader on 2026-10-01. No interactive-tool operation is claimed.

Reuse: Original fictional practice, questions and calculations; paraphrased concepts with a source link. No source exercise copied.

CFPB — What is the difference between a loan interest rate and the APR?
Source & access notes · checked 2026-10-01

Official page opened/read during Money expansion authoring; checked the relevant concept and access state. These sources do not establish funding eligibility.

Access: Readable official webpage inspected with the web reader on 2026-10-01. No interactive-tool operation is claimed.

Reuse: Original fictional practice, questions and calculations; paraphrased concepts with a source link. No source exercise copied.

CFPB — What is amortization and how could it affect my auto loan?
Source & access notes · checked 2026-10-01

Official page opened/read during Money expansion authoring; checked the relevant concept and access state. These sources do not establish funding eligibility.

Access: Readable official webpage inspected with the web reader on 2026-10-01. No interactive-tool operation is claimed.

Reuse: Original fictional practice, questions and calculations; paraphrased concepts with a source link. No source exercise copied.

Ready when you are

Start with the first useful move.

You’ll always know what to do, what to make, and where to go next.

Start lesson one