Unit Name
Math and Personal Finance
Learning Goal
Providing students with the skills required to make educated financial decisions will allow them to achieve their personal goals in the future. In this unit, students will learn about various saving and investment strategies, allowing them to work towards their ultimate goal of purchasing a vehicle. Although not all young adults may purchase a car, learning about making wise financial decisions is a crucial skill all students need to learn. By using mathematics to analyze the returns of investment vehicles students can see the relationship between risk and return over the long run. Students will investigate the pros and cons of purchasing items on credit cards and view the benefits of saving for the future. Lastly, students will gain knowledge about making a major purchase and examine at all the financial implication of this decision.
Curriculum Expectations
Overall Expectations
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1. compare simple and compound interest, relate compound interest to exponential growth, and solve
problems involving compound interest
2. compare services available from financial institutions, and solve problems involving the cost of making
purchases on credit
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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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
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
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
2.3 Gather, interpret and compare information about the costs and incentives associated with various credit cards and debit cards
3.1 gather and interpret information about the
procedures and costs involved in insuring a
vehicle (e.g., car, motorcycle, 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 vehicles
3.2. Gather, interpret, and compare information about the procedures and cost (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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Unit Description
- Students will be investigating various savings alternatives required to save for a major purchase. Students will also be researching different investment opportunities to increase their wealth to meet short term and long term financial goals.
- Students will be examining the benefits and pit falls of using credit cards and strategies to use credit without accumulating debt.
- Finally, students will work on gaining knowledge about purchasing a vehicle, along with learning about the costs that arise from operating a car. Through various activities and assessment tools students will build their financial literacy skills. Students will present what they have learned by developing a portfolio that ties all the sections of the unit together.
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 tasks by using research, gather information, calculate and analyze skills.
Unit Summative Evaluation: Students will be evaluated by completing a summative culminating activity at the end of this unit in pairs. Teacher will provide culminating activity rubric to students to share the expectations.
Materials and Technology Application
- 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
Technology
· Internet and Computer Access
· Use of Scientific Calculator
· Multimedia Applications
· Websites
· Teacher’s Blog or Online Resource Access
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
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