Workshop Ten

πŸš—πŸ  Mission 10: Big Purchases & Loans

πŸŽ₯ Watch the full briefing. The quiz unlocks automatically when the video ends.

🧭 Agent Briefing (Expanded)

Agent, this mission is about making big purchases wisely β€” and understanding the loans that often come with them. When you buy something major β€” a car, a home, or college β€” you’ll likely use credit. A loan is borrowed money that must be repaid with interest. If you’re not careful, interest can make the real price far higher than the sticker.

🎯 Target 1: Car Loans

  • Cars depreciate quickly β€” don’t borrow more than the car is worth to you.
  • Prefer shorter terms (3–5 years) to reduce total interest.
  • Shop rates at multiple lenders; a 2% difference can save thousands.
  • A reliable used car with low miles often beats new for value.

🎯 Target 2: Student Loans

  • Borrow only what you need for tuition/essentials.
  • Prioritize scholarships, grants, work-study, and affordable schools.
  • Consider total cost vs. expected income in your field.

🎯 Target 3: Mortgages (Home Loans)

  • Common terms: 15–30 years. Rate differences compound massively over time.
  • Budget for property taxes, insurance, utilities, HOA, maintenance.
  • Compare APR, not just the monthly payment.

🎯 Target 4: Loan Smarts

PrincipleWhy It Matters
Borrow what you can realistically repayProtects your budget and credit
Compare lenders, rates, terms, feesSmall rate changes = big lifetime cost changes
Know fixed vs variable ratesFixed = steady payments; Variable = can rise later
Understand the agreement before signingAvoid surprises, penalties, or costly clauses

🎯 Target 5: Financial Discipline

Mission Rule: A loan should help you reach goals β€” not trap you in debt. Calculate total cost, weigh options, and borrow responsibly.

Mission Recap: Keep terms reasonable, chase lower APRs, budget for hidden costs, and never sign what you don’t understand.

πŸ”’ Quiz will unlock once the video finishes.
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