Think about this situation: you've been saving ten dollars a month for something you really want, and you now have $30. It's now
on sale for $100. You ask your grandparents to lend you $70 so you can buy it. You tell them that you'll pay $10 each month. They say that they'll lend you the money, but your repayment must include interest. You will need to repay them $77. Would you take the loan? Discuss at least two reasons for your decision.
I would take the loan because all around, $77 dollars is not that much money in itself. It would be fairly easy to pay your grandparents back eventually. Plus, if you have a strong desire and need for the item that costs $100, so much so that you would not mind paying technically $7 more to your grandparents in interest in total cost, it does not seem like so bad a decision. Overall, the interest rate would be 10%, which is quite low. In conclusion, I would definitely take the loan. :)
He was banished from Massachusettsin 1636 for sedition and heresy after refusing to cease preaching what the colony deemed “diverse, new, and dangerous opinions.” Williams fled into the wilderness and founded the town of Providence.
