Students review the elements of a contract. They discuss the characteristics of rent-to-own contracts and compare the cost of those contracts with the outright purchase of goods.
Objectives
Students will
- define contract and annual percentage rate (APR),
- explain the elements of a contract,
- evaluate the terms and costs of a rent-to-own contract, and
- compare rent-to-own costs with outright purchases.
Time Required
60 minutes
Concepts
- Annual percentage rate (APR)
- Contract
- Elements of a contract
- Rent-to-own contract
