The Untold Story of a Loan

This WebQuest is based upon the following scenario:

You are a new teacher in the Marysville Public School District in Marysville, MI and are getting ready to start the new school year! The school you are employed with are giving you the opportunity to take out a loan of up to $150,000 to redesign the classrooms in the math department of the high school. This can include classroom decorations, instructional tools, furniture, etc. The school district wants the classrooms to be completely finished with the remodeling in 3 MONTHS and you must make a proposal to the school board before moving forward with any changes. Oh no! The same institution will not allow you to take out a loan for more than $50,000 so it looks like you will have to get a minimum of 3 loans from different institutions.

You and three other teachers need to do the necessary research to prepare a presentation for the school board in order to move forward with the renovations!

Your presentation must contain an Excel spreadsheet with a breakdown of the desired supplies for the classroom. The spreadsheet should include the name of the product, cost per item, quantity to be purchased (make sure to account for the number of students in the classroom if it is a classroom set AND the number of classrooms the product is to go in), cost for the given quantity of product, and overall cost of all supplies. 

The presentation must also include a poster that displays the original loan amount, interest rate, time frame for the loan to be paid back, and how the loan is compounded (yearly, monthly, weekly, etc.) for the loans from EACH institution. In addition, the poster should include a spot where the total compounded interest generated is recorded (*see formula below, BUT remember to subtract the principal amount from the answer derived with this equation).

*Total Compounded Interest: