Buying on Credit Lesson Plan Information | Lesson Plan Activities | Printable version (including handouts) (PDF)

Standard: Use Math to Solve Problems and Communicate Outcomes By computing interest, participants will determine how buying on credit adds to the total cost of an item.

Classroom Information

GED Descriptors:      Math Roles:      Family, Worker, Community Member Program Type(s)      ABE, GED, Family Literacy, Urban, Rural NRS Learner levels (ABE/GED)       3, 4, 5, 6 Time frame:      1.0 to 2.0 hours

Keywords

select any link below for a list of resources which also have that keyword Math > money

Standard: Use Math to Solve Problems and Communicate

Component of Performance How activity addresses component Understand, interpret, and work with pictures, numbers, and symbolic information. Students will work with the interest formula substituting numbers into the formula to solve an equation. Apply knowledge of mathematical concepts and procedures to figure out how to answer a question, solve a problem, make a prediction, or carry out a task that has a mathematical dimension Students will apply their knowledge of multiplication and addition as well as using a calculator to determine the cost of buying on credit. Define and select data to be used in solving the problem Students must identify the price of the item to be bought from the advertisement (principle), they must identify the rate of interest (rate) and the term of the credit (time) from the contract selected. Determine the degree of precision required by the situation While working with numbers in the formula, students will come to realize rounding numbers in this situation could cost them dollars or cause their employer to lose money. In dealing with money to be paid, figures need to be exact. Solve problem using appropriate quantitative procedures and verify the results are reasonable Past experience working with the interest formula allows students to recognize the answer they obtain must be more than the original number. The formula allows students to work through a mathematical process to arrive at an answer. Communicate results using a variety of mathematical representations, including graphs, charts, tables, and algebraic models The process of substituting numbers into a formula demonstrates the student's ability to translate mathematical representations into useful information they can use.

Purposeful, Transparent, Building Expertise

Purposeful and Transparent Students are often taken advantage of because of their lack of knowledge about total cost. Once they can personally calculate the total cost of an item they can use the information to make better decisions involving money. Contextual By using real life materials that students have already encountered or could encounter, their learning happens in the context of the real world. Practice with locating information in a contractual agreement will lead them to careful observation of credit agreements in the future. Building Expertise Having students recall personal experiences with buying on credit encourages students to recall what they already know about the topic. Using their previously learned math skills and knowledge of calculators puts their skills to practice. Having them integrate skills, experiences, and new information will allow students to construct new meanings about a familiar or unfamiliar topic.

Lesson Designer Tawna Eubanks Hamilton City ABLE (513) 8875021 Emmirg@aol.com

We welcome your comments