EXAMINING DEBT & SAVING FOR THE FUTURE Using geometric sequences with money.

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EXAMINING DEBT & SAVING FOR THE FUTURE Using geometric sequences with money.

43210 In addition to level 3.0 and above and beyond what was taught in class, the student may: · Make connection with other concepts in math · Make connection with other content areas. The student will build a function (linear and exponential) that models a relationship between two quantities. The primary focus will be on arithmetic and geometric sequences. - Linear and exponential functions can be constructed based off a graph, a description of a relationship and an input/output table. - Write explicit rule for a sequence. - Write recursive rule for a sequence. The student will be able to: - Determine if a sequence is arithmetic or geometric. - Use explicit rules to find a specified term (n th ) in the sequence. With help from the teacher, the student has partial success with building a function that models a relationship between two quantities. Even with help, the student has no success understanding building functions to model relationship between two quantities. Focus 7 Learning Goal – (HS.F-BF.A.1, HS.F-BF.A.2, HS.F-LE.A.2, HS.F-IF.A.3) = Students will build a function (linear and exponential) that models a relationship between two quantities. The primary focus will be on arithmetic and geometric sequences.

WHAT IS DEBT? Debt is when you owe someone or some company money. When you borrow money it usually includes a fee for borrowing it. The fee is calculated in interest. The interest is added on each month that the debt hasn’t been paid in full. Credit cards, car loans, school loans, and home mortgages are examples of debt.

CALCULATING THE INTEREST ON DEBT Avi borrows $100 from Landon to buy a special gift for his mom. Landon provided the money to Avi with a fee of 5% interest for each month that it is not paid in full. Avi plans on paying $40 each month to Landon until the debt is paid. How long will it take Avi to pay off his debt to Landon?

CALCULATING THE INTEREST ON DEBT MonthAmount Owed ($) Monthly Payment ($) Remaining Amount ($) Interest Charges ($) Amount owed after Interest ($) 1$ To calculate interest, you multiply the “Remaining Amount” by the interest rate. In this case it is $60(0.05). This equals $3.00. It will take Avi 3 months to pay off Landon. How much extra did Avi have to pay to borrow money from Landon? $4.15

WHO WANTS TO BE A MILLIONAIRE? Making investments that pay a high percent of return is one way to become a millionaire. When you invest money, you are basically loaning the money to someone else or to a company. The person or company you loan it to pays interest to you. Usually, you reinvest the interest back into the account. To calculate interest earned, you multiply the amount invested by the interest rate.

You are going to examine two friends who grew up together: Ben and Arthur. They both knew that they needed to start thinking about the future. You and a partner will go through this activity together. You will each need a copy of the “Becoming a Millionaire” activity sheet and a calculator. WHO WANTS TO BE A MILLIONAIRE?

WHO WANTS TO BE A MILLIONAIRE? ANSWERS