Last Year on the Green · November: Pay in Three
The idea: the cost of borrowing is the total you pay back and what each payment does to your budget, not the size of one payment.
Read it
Who is in this book
- Cyrus The cost of borrowing is the total you pay back, not the size of each payment from LedgerQuest
- Danya a child of the Green Asks "how do we know?"
- Yusuf Gross pay is what you earn; net pay is what you get; read every line in between from LedgerQuest
- Marcus A budget is a plan for what the money is for, before it arrives from LedgerQuest
- Tara a child of the Green Listens longest, speaks last
Every recurring character has a short tune, so you can tell who is on stage before a word is said. The tunes play only when you tap, and the Reading Access sound switch turns them off.
The Honest Page
Which parts of this story are true, stretched or made up?
True
- Twenty-four payments of £24.99 add up to £599.76, which is £149.76 more than £450. Three payments of £150 add up to £450, and £150 is £22.50 more than half of £255.
- Buy now, pay later is a kind of short-term borrowing that splits the price of a purchase into instalments; some plans charge no interest but charge fees if a payment is missed. Source
- Lenders often show an annual percentage rate, a way of stating the yearly cost of borrowing so that different deals can be compared. Source
Stretched
- In the case, every line of the leaflet is understood at the till in one afternoon. What we simplified: Real finance agreements are longer, and the rules about credit checks, age, fees and how lenders must explain costs differ between countries and change over time. If a term makes no sense, ask before you sign, and take the leaflet home.
Made up
- The electronics shop, Ms Okonjo, the laptop, the prices, the fees, the library scheme and every figure in the case are made up.
Tara’s sentence
The case stops where Tara speaks. Write the sentence you would have said. It stays on this device.
Kept.
Your sentence lives on this device. Nothing is sent anywhere.
Ring the hammer for someone
Pick this book for someone younger. The link carries only the book, and it will wait for them on the Green.