Business Math - Lending and Credit course (print)

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S1306M

Mar. 13, 2013 

Business Math Lending and Credit

Good math skills are an important core competency for most credit union employees. This course will familiarize you with calculations that are part of the lending and credit functions of a credit union. This course features interactive online activities as a part of the print-based course. See them for yourself.

This is a CUNA STAR course.

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S1306M

Mar. 13, 2013 

A comprehensive exam for all 6 courses is included through CUNA CPDOnline. Additional exams can be purchased for $24.50 each.

Basic Lending Concepts and Calculations:

  • List four reasons math skills are important for credit union employees
  • Compare and contrast key features of open-end credit and closed-end credit
  • Define finance charge and annual percentage rate (APR) according to the Truth-in-Lending Act
  • Describe techniques for converting percentages to decimals, rounding numbers, and counting days when calculating interest
  • Explain techniques for helping members understand calculations

Closed-End Loans:

  • State the formula and calculate a simple interest payment for a closed-end loan
  • Define amortization
  • Define balloon loan and describe how payments differ from a fully amortized loan
  • Describe the process for calculating APR and the finance charge on a closed-end loan
  • Explain how two loans with the same annual rate of interest can have different APRs
  • Describe types of nonregular payments and how your credit union handles them

Helping Members Compare Rates and Loans:

  • Explain how to analyze the full cost of balance transfers on credit cards
  • Calculate add-on interest and loan payments and explain when a higher-rate credit union loan costs less
  • Describe how to compare rent-to-own payment plans to a credit union loan
  • Calculate the annual rate of interest on a short-term payday loan
  • Explain how to help members compare the offer of a rebate or car dealer financing to a credit union car loan

Loan Ratios:

  • Describe the purpose of a ratio and the calculation method
  • Calculate debt-to-income ratios and explain how credit unions evaluate them according to loan policies
  • Calculate disposable income for underwriting purposes
  • Calculate monthly housing expense ratios
  • Calculate total-obligations-to-income ratios
  • Calculate loan-to-value ratios

Mortgage Loans:

  • Calculate mortgage loan interest by using a 360-day year and 30-day month
  • Explain how a biweekly mortgage payment reduces total interest paid and loan term
  • Describe what loan costs members need to consider beyond APR when comparing mortgage loan programs
  • Explain how a shorter loan term affects interest paid and payment amounts on amortized loans and balloon loans
  • Define key features of adjustable-rate mortgage (ARM) loans and how they affect monthly payments
  • Describe special issues regarding principal-only payments and early payoffs on mortgage loans

Open-End Credit:

  • Define and calculate the average daily balance on an open-end credit account
  • Define and calculate a daily periodic rate and monthly periodic rate from a given annual interest rate
  • Calculate the interest for a billing period on an open-end credit account using the daily periodic rate or monthly periodic rate
  • Explain how grace periods affect interest calculation on open-end credit accounts
  • Calculate the amount of a minimum payment on a given open-end credit account
  • Explain how to disclose the APR on a given open-end credit account with no charges other than interest
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S1306M

Mar. 13, 2013 

Recognition

Recognition opportunities are offered at various training milestones with CUNA designations and certificates.

College Credit

Select courses are recommended for college credit for students who pass proctored, college-level exams and carry college credit recommendations.

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S1306M

Mar. 13, 2013 

CUNA courses are a simple, affordable way to provide current, real-world training to your credit union. Courses are available in print and/or online through CUNA CPDOnline. With hundreds of courses to choose from, you're sure to find learning materials to fit your credit union's needs. See a full course list.

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CUNA is committed to providing a quality learning experience. If for some reason you are not fully satisfied, contact us and we'll provide you a full tuition refund or credit.

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