Lesson 1 Saving for a Better Life!
Lesson Title
Saving for a Better Life
Saving for a Better Life
Learning Goal
Helstudents to understand the importance of “Save for the Future” by setting up saving goals, share saving experience, research and gather the information of current saving products from financial institutions, calculating the interest earning and service cost to compare the products. Students will work together to share, learn and compare the most effective saving options for the youth and setup the saving path.
Learning Expectations
Overall Expectations
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· Compare services available from financial institutions, and solve problems involving the cost of making purchase on credit.
· Compare simple and compound interest, relate compound interest to exponential growth, and solve problems involving compound interest.
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Specific Expectations
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2.1 Gather, interpret and compare information about the various saving alternatives commonly available from financial institutions, the related costs and possible ways of reducing the costs.
1.4 Calculate the total interest earned on an investment or paid on a loan by determining the difference between the amount and the principal.
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Length of Time
1 period (75 minutes)
Prerequisite Skills
Convert percent to decimal, find quotient and calculate compound interest using A=P(1+i)^n
Lesson Description
Students will explore the big idea “Saving for the future” by reviewing compound interest; discuss the saving goals and paths to achieve it; using computing and mathematical skills to research on internet and compare different financial institutions’ products and costs; work with others to investigate and summarize solutions of how to minimize service cost and maximize the saving profit.
Students will explore the following areas:
· Why should we save for the future?
· Saving goals
· Different saving options
· Cost of service
· How to maximize the profit and minimize the cost?
Students will apply skills related to decimal, percents and exponents to solve problems involving compound interest. Students will complete a team task which requires them to research online, gather information from financial institutions, calculate using previous learned compound interest knowledge to find answers. Students are expected to discuss and share their goals, ideas and summary about their understand of saving for future.
Material and Equipment
· Textbook: Foundations for College Mathematics 11, (2007), McGraw-Hill Ryerson
· Book computer lab (internet available, check computers before class starts)
· Agenda on the board
· Warm-Up question sheet to review the prerequisite skills of decimal, percents and compound interest.
· Black/White board notes (Teacher’s Notes)
· Teamwork Activity Sheet (Research, gather information, calculate and compare in pairs)
· Teacher’s computer connected to lab projector (demonstration purpose)
· White or Blackboard (show calculation steps)
· Students need to use their own calculators
Accommodation
· Always walk around and double check the students with ESL background to make sure they understand the activity and know what to do.
· Make sure students will pair up properly to achieve the learning goal
Assessment and Evaluation
Diagnostic/Formative Assessment: Observe, oral questioning while discuss and take up the questions; ask students to explain and demonstrate the calculations on the board; complete the team task by using research, gather information, calculate and analyze skills.
Students will be evaluated by completing a summative culminating activity at the end of this unit in pairs.
Lesson 2: Freedom 55: Investment Alternatives
Key Concepts / Big Ideas
Developing students financial literacy skills using real world contexts, symbolic equations, and words.
Curriculum Expectations: Investigating Investment Alternatives
2.2 gather and interpret information about investment alternatives (e.g., stocks, mutual funds, real estate, GICs, savings accounts), and compare the alternatives by considering the risk and the rate of return
Length: 1 Period (75 mins)
Requisite Skills: Compound Interest Formula, Saving Alternative Investments
Brief Description of the Problem / Task
Students will be introduced to alternative investment vehicles and develop mathematical skills to analyze and compare different investment opportunities.
Materials: Material and Equipment
· Textbook: Foundations for College Mathematics 11, (2007), McGraw-Hill Ryerson
· Book computer lab (internet available, check computers before class starts)
· Agenda on the board
· Warm-Up question sheet to review the prerequisite skills of savings, compound interest
· Black/White board notes (Teacher’s Notes)
· Teacher’s computer connected to lab projector (demonstration purpose)
· White or Blackboard (show calculation steps)
· Students need to use their own calculators
Accommodations: The teacher will circulate the room and assist student that have difficulty with the future value question. Peer tutors can also assist students that are struggling.
Assessment and Evaluation: Assessment for learning will be a checklist, based on students ability to answer the questions accurately
Assessment for learning: have students peer review their answers to see if they are correct.
Lesson 3 Smart Borrowing-Manage Credit Cards
Lesson Title Smart Borrowing- Manage Credit Cards
Learning Goal Help students to understand the basic concepts and features of credit cards; develop skills to compare and evaluate the terms and conditions of various credit cards; understand credit card costs and basic features; understand how to calculate overdue interest using compound interest skill and develop research, teamwork and analyzing skills. Student will also develop the skills in using scientific calculator.
Learning Expectations
Overall Expectations
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· Compare simple and compound interest, relate compound interest to exponential growth, and solve problems involving compound interest.
· Compare services available from financial institutions, and solve problems involving the cost of making purchase on credit.
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Specific Expectations
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2.3 Gather, interpret and compare information about the costs and incentives associated with various credit cards and debit cards
1.3 Solve problems, using a scientific calculator, that involve the calculation of the amount A, and the principal P, using the compound interest formula in the form FV=PV (1+i)^n.
1.4. Calculate the total interest earned on an investment or paid on a loan by determining the difference between the amount and the principal. Using I=A-P or I=FV-PV.
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Length of Time
2 periods (150 minutes)
Prerequisite Skills
Convert percent to decimal, calculate the dates, basic skills of using scientific calculator and calculate compound interest using formula FV=PV (1+i)^n and I= FV-PV.
Lesson Description
Students will explore the big idea “How to compare and manage credit cards” by reviewing compound interest; learn the new concepts and features of credit cards; discuss the different borrowing options on the market; using computing and mathematical skills to research on internet and compare different financial institutions’ and retail business’ credit card products, features and costs; work with others to investigate and summarize solutions of how to read credit card statement, how to calculate the overdue compounded interest charge and how to understand the different incentives. Students will apply skills related to decimal, percents and exponents to solve problems involving compound interest formula. Students will complete a team task which requires them to research online, gather information from financial institutions, and calculate using previous learned compound interest knowledge to find answers. Students are expected to discuss and share their goals with others.
Students will also practice using scientific calculator to get solution.
Material and Equipment
· Textbook: Foundations for College Mathematics 11, (2007), McGraw-Hill Ryerson
· Book computer lab (internet available, check computers before class starts)
· Agenda on the board
· Prerequisite question sheet (calculate dates, compound interest)
· Black/White board notes (Teacher’s Notes)
· Teamwork Activity Sheet (Research, gather information, calculate and compare in pairs)
· Teacher’s computer connected to lab projector (demonstration purpose)
· White or Blackboard (show calculation steps)
· Scientific Calculators
Accommodation
· Provide a calendar for students to organize or count the dates
· Walk around to help students with weaker skills in using computer and scientific calculator
· Always walk around and double check the students with ESL background to make sure they understand the activity and know what to do.
· Make sure students will pair up properly to achieve the learning goal
Assessment and Evaluation
Diagnostic/Formative Assessment: Observe, oral questioning while discuss and take up the questions; ask students to explain and demonstrate the calculations on the board; complete the team task by using research, gather information, calculate and analyze skills. Students will be evaluated by completing a summative culminating activity at the end of this unit in pairs.
Lesson 4 Obtain a Vehicle
Lesson Title
Obtain a Vehicle
Learning Goal Students learn advantages and disadvantages of buying or leasing a vehicle. In this section of Chapter 9, they will deal with total cost of a car including taxes, down payment, compounded interest rate and monthly payment for financing to interpret the information and to justify solution.
Key Concepts
· Emphasize to students that a vehicle is an expense – it loses value over time. It is NOT an asset.
· They only exception to this is the purchase of a classic car, e.g., a 1967 Mustang. This is an asset; however, it is not a “vehicle” in the everyday sense. It is likely a hobby, a showpiece, or an investment.
Learning Expectations
Overall Expectations
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- Interpret information about owning and operating a vehicle, and solve problems involving the associated costs
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Specific Expectations
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- Gather, interpret, and compare information about the procedures and cost (e.g., montly payments, insurance, depreciation, maintenance, miscellaneous expenses) involved in buying or leasing a new vehicle or buying a used vehicle
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Length of Time
2 periods (150 minutes)
Prerequisite Skills
(Students work independently, then, discuss the solutions as a class.)
- Questions dealing with PST charged on each amout and reviewing terminologies of I, the interest rate per compounding period, and n, the number of compounding periods over the life of the investment
Lesson Description
As a class, discuss some of the advantages and disadvantages of a new car versus a used car.
As a main in-class activity with investigation, students search for available vehicles online, in newspaper or in magazine advertisements, and think about what questions they would ask the vendor. The questions listed may be thought of as examples or as the beginning of a short brainstorming session about what questions should be asked. Give students time to talk about their answers to these questions before discussing them as a class. After discussing the concepts of buying and leasing a vehicle through Example questions on page 483-485, students can work in pairs or small groups to complete the Practice questions.
Material and Equipment
· Textbook: Foundations for College Mathematics 11, (2007), McGraw-Hill Ryerson (Practice
questions #1-12 on page 486-488)
· Book computer lab
· Prerequisite question sheet (total cost of vehicle including taxes, terminologies of the
interest rate and the number of compounding periods)
· Access to a TVM solver or an online Calculator
· Used Car magazines, newspaper advertisements (in-class investigation)
· Achievement Check Rubric (ongoing assessment of students’ ability to communicate
mathematically, and to justify their thinking)
Accommodation
· Observation by circulating around each group of students during in-class investigation
· Pairing up an ESL student with someone who can speak his/her language
· Grouping students in similar learning levels.
Assessment and Evaluation
Diagnostic/Formative Assessment: Observation by circulating and oral questioning while discuss and take up the questions; Through in-class investigation, students demonstrate ability to calculate the total cost of vehicle and to analyze and compare the total payment when buying or leasing a car
Students will be evaluated by completing a summative culminating activity at the end of this unit in pairs.
Students will be evaluated by completing a summative culminating activity at the end of this unit in pairs.
Lesson 5 Operating a Vehicle
Lesson Title
Operating a Vehicle
Learning Goal
The costs of owning a car can be broken down into two categories variable and fixed. Variable costs are directly related to the number and type of kilometres driven, while fixed costs remain same from one month to the next. Depreciation and insurance are two major expenses for drivers. By the end of this topic students will know procedures and costs involved in insuring a vehicle and the factors affecting insurance rates. They will gain understanding of the financial implication of owning and operating a vehicle.
Learning Expectations
Overall Expectations
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3. interpret information about owning and operating a vehicle, and solve problems involving the associated costs.
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Specific Expectations
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3.1 gather and interpret information about the procedures and costs involved in insuring a vehicle (e.g., car, motorcycle, and snowmobile) and the factors affecting insurance rates (e.g., gender, age, driving record, model of vehicle, use of vehicle), and compare the insurance costs for different categories of drivers and for different vehicle
3.2 gather, interpret, and compare information about the procedures and costs (e.g., monthly payments, insurance, depreciation, maintenance, miscellaneous expenses) involved in buying or leasing a new vehicle or buying a used vehicle.
3.3 solve problems, using technology (e.g., calculator, spreadsheet), that involve the fixed costs (e.g., licence fee, insurance) and variable costs (e.g., maintenance, fuel) of owning and operating a vehicle.
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Length of Time
2 periods (150 minutes)
Prerequisite Skills
Exponents, Percentages, Decimals, Simple and Compound interest
Lesson Description
Period I
Lesson in Brief
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Description
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Assessment and Evaluation
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Getting Started
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Have students brainstorm ideas on transport costs in
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Working on It
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Have students do a web quest on the topic of operating costs for a vehicle, with emphasis on insurance cost and fuel efficiency rating.
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Observe how the students individually demonstrate initiative as they complete their research.
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Consolidating
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Circulate and give students verbal feedback on their work.
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Period II
Lesson in Brief
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Description
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Assessment and Evaluation
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Getting Started
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Have students look at several examples of depreciation schedules (newspaper, internet, etc.) and analyze and interpret the data. Arrive at a class definition of depreciation and compare it with the textbook one. Do Q5 WS.
Ask students if they can think of any other costs of operating a vehicle (pollution, gridlocks, noise pollution, etc). Solicit as many opinions as possible and discuss it as a class.
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Working on It
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Have students do an online quiz and submit it for marking. Take it up us a class.
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Consolidating
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Circulate and give students verbal feedback on their work
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Material and Equipment
· Textbook: Foundations for College Mathematics 11, (2007), McGraw-Hill Ryerson
· Computer Lab, Internet Connection, Calculators
Accommodation
· Provide for flexible timelines regarding the completion of the assignment
· Allow students to work in alternate settings
· Have ESL students work in pairs, with peer tutors, with classmates that have the same linguistic background, or with cooperative supportive groups.
· Use peer conferencing to reinforce instructions or information
Assessment and Evaluation
Diagnostic/Formative: Anecdotal notes, Short-answer and skill-based calculations (Worksheet),
“Operating Costs” Quiz, Self assessment
Summative: Personal Finance Portfolio Part V: “Driving Your Dream Car”
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