Essential Questions:
Unit Overview
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Lesson seeds are ideas that can be used to build a lesson aligned to the CCSS. Lesson seeds are not meant to be all-inclusive, nor are they substitutes for instruction. When developing lessons from these seeds, teachers must consider the needs of all learners. It is also important to build checkpoints into the lessons where appropriate formative assessment will inform a teachers instructional pacing and delivery.
Lesson Topic: Credit Cards and Interest Rates
Key Mathematical Practices:
Maryland College and Career Ready Standards – Algebra I
Personal Financial Literacy Standards
4.12.B Evaluate the advantages and disadvantages of credit products and services. 4.12.D Use numeracy skills to calculate the cost of borrowing. 4.12.E Identify and evaluate interest rates, fees, and other credit charges. 4.12.G Evaluate the consequences of not meeting credit obligations.
The Partnership for Assessment of Readiness for College and Careers (PARCC) has awarded the Dana Center a grant to develop the information for this component. This information will be provided at a later date. The Dana Center, located at the University of Texas in Austin, encourages high academic standards in mathematics by working in partnership with local, state, and national education entities. Educators at the Center collaborate with their partners to help school systems nurture students' intellectual passions. The Center advocates for every student leaving school prepared for success in postsecondary education and in the contemporary workplace.
Provide activities from online resources such as Khan Academy to refresh student knowledge on lines of best fit, exponential regression, and percent of a number.
Coherence
Across-Grade Coherence: Content Knowledge from Earlier Grades
This lesson connects to the prior learning of percent of a number, from Grade 6 (6.RP.A.3).
Within-Grade Coherence: Content from Other Standards in the Same Grade that Provide Reinforcement
Students apply their learning of displaying data on a scatterplot (HSS.ID.B.6) and fitting a function by plotting and analyzing patterns and correlation coefficients (HSS.ID.B.6.B, C; HSS.ID.C.8). The students use these functions to analyze the data and extrapolate data, content learned with HSF.IF.A.2. The students apply their knowledge of linear and exponential relationships (HSF.LEA.A.1) to identify the relationship between the variables considered with credit card debt.
Rigor
Procedural Skill Calculate interest rates, annual percentage rates, minimum payment, and balance.
Conceptual Understanding Determine the time it takes to pay off an accrued credit card balance. Understand the effects of interest rates, fees, and minimum payments.
Modeling/Application Model credit card balances and payments over time using linear and exponential functions.
Learning Experience