Consumer Mathematics

CONSUMER MATHEMATICS

(SECONDARY)

SELECTIVE UNIT 3 (S03)

(Simple Interest)

(July 2013)

Unit Statement: This unit is intended to introduce the concept of interest and how loans work. In this unit, the student will make calculations using interest formulas and solve for principals, rates, and time. The student will calculate maturity values of loans, simple interest amounts, and calculate loans involving partial payments.

Essential Outcomes: (must be assessed for mastery)

Problem solving and higher order thinking components are essential for ‘A’ level mastery. Each outcome can contain problem solving and higher order thinking components (as found in suggested text).

1. The Student Will calculate simple interest for loans with terms of years or months. [10.1, p. 308]

2. TSW calculate simple interest for loans with terms of days. [10.2, p. 309]

3. TSW calculate the maturity value of a loan. [10.3 p. 311]

4. TSW calculate the number of days of a loan. [10.4 p. 311]

5. TSW determine the maturity date of a loan. [10.5 p. 313]

6. TSW solve for the principal amount using the simple interest formula. [10.6, p. 316]

7. TSW solve for the rate. [10.7 p. 317]

8. TSW solve for the time. [10.8 p. 318]

9. TSW calculate loans involving partial payments. [10.9 p. 319]

10. TSW develop and/or engage in a real-life activity involving some or all of the concepts covered in this unit.

11. TSW define and apply Key Terms and Concepts.

Key Terms and Concepts:

QSI CONSUMER MATH S03

Interest

Simple Interest

Principal

Compound Interest

Rate

Ordinary Interest

Maturity Value

Loan date

QSI CONSUMER MATH S03

Suggested Assessment Tools and Strategies:

Attached Rubric or teacher generated rubric that assesses ALL essential outcomes (TSWs)

Suggested Resources:

Textbook: Contemporary Mathematics for Business and Consumers, by Robert Brechner, 2012

Additional Resources:

These materials will not be provided automatically but schools are encouraged to purchase them to support the course.

Calculators

Technology Links

http://www.khanacademy.org/

EVALUATION RUBRIC FOUND ON FOLLOWING PAGE………………………

SUGGESTED RUBRIC Consumer Math S03

Student Name: ______Date: ______

*To receive an ‘A’, the student must show ‘A’ level mastery in at least 1 of the 11 available TSW’s and ‘B’ level mastery on all of the remaining TSW’s.

To receive a ‘B’, the student must show ‘B’ level mastery on all essential outcomes (TSWs).

TSW / ‘A’* LEVEL / ‘B’ LEVEL / Comments
TSW Calculate simple interest for loans with terms of years or months. / Consistently calculates simple interest for loans with terms of years or months.
Calculate simple interest for loans with terms of days. / Consistently calculates simple interest.
Calculate the maturity value of a loan. / Consistently calculates the maturity value of a loan.
Calculate the number of days of a loan. / Consistently calculates the number of days of a loan.
Determine the maturity date of a loan. / Consistently and accurately determines the exact maturity date of a loan.
Solve for the principal amount using the simple interest formula. / Calculates the principal amount by rearranging the simple interest formula as needed.
Solve for the rate. / Calculates the interest rate by rearranging the simple interest formula as needed.
Solve for the time. / Calculates the amount of time by rearranging the simple interest formula as needed.
Calculate loans involving partial payments. / Calculates specified missing information of a loan involving partial payments.
Develop and/or engage in a real-life activity involving some or all of the concepts covered in this unit. / Student applies concepts from this unit to life experience or drawn from real world business examples. / Student applies concepts from this unit to real world situations drawn from the textbook.
Define and apply Key Terms and Concepts. / Apply and incorporate relevant key terms and concepts into real-life activity involving some or all of the concepts. / Define the key terms.

QSI CONSUMER MATH S03