Mathematical Money Management

The focus of Mathematical Money Management is to foster student understanding of mathematical skills needed to manage money. In this course students will learn the mathematics required to make informed decisions about money management. This course mandates active and thoughtful participation of students.
     The mathematical skills needed include solving linear equations, manipulating algebraic formulas, analyzing data, using and manipulating geometric shapes and ideas, in order to make sense out of complicated situations and solve complex problems. Students will use a variety of representations (concrete, graphical, and numerical), tools, and technology to link modeling techniques and purely mathematical concepts to solve financial problems.
This course provides a core senior-level mathematics course for students in the technology/career education program and an elective senior-level mathematics course for students in the college preparatory program.

First Semester

Unit 1 Gross Income (pgs. 77-98)      10 days
* Calculates total time worked from a timecard.
* Calculates regular time and overtime pay, total pay for piecework, gross pay based on hourly wages plus tips, salary, straight commission, and salary plus commission.
* Identifies and compares various pay periods.

Unit 2 Net Income  (pgs. 99-118)      15 days
* Computes net pay, taking into account federal, state, and local taxes, social security, and any miscellaneous deductions.
* Solves problems related to taxes by computing state, federal, and local income taxes, property taxes, social security tax, and estate and inheritance taxes.
* Discusses different types of taxes and how the funds are used.
* Completes federal (1040EZ and 1040A) and state income tax forms for given data.

Unit 3 Checking Accounts  (pgs. 125-144)     8 days
* Compares various banking institutions (banks, credit unions, and savings and loans) and services provided by each.
* Describes process of opening a checking and/or savings account, making deposits, and withdrawals.
* Reconciles a checking account, given a sample bank statement and a check register.

Unit 4 Savings Accounts (pgs. 145-166)     12 days
* Compares various banking institutions (banks, credit unions, and savings and loans) and services provided by each.
* Describes process of opening a checking and/or savings account, making deposits, and withdrawals.
* Calculates simple and compound interest.

Unit 5  Cash Purchases (pgs. 167-188)     12 days
* Computes sales tax, total purchase price, and change received in a cash purchase.
* Calculates discount, successive discounts, and sale price of an item.
* Compares unit-price to do comparison-shopping and determine the better buy.
* Identifies various means used to sell products and services, such as advertising and promotions.
* Explores instances of deceptive advertising, deceptive packaging, hard-sell tactics, and masked credit practices (rent-to-own, deferred interest).

Unit 6 Charge Accounts and Credit Cards (pgs. 193-216)  14 days
* Computes the finance charge for a charge account/credit card by unpaid balance method and average daily balance method.
* Calculates the finance charge and monthly payment on an installment plan.
* Explains advantages and disadvantages of using a credit card.
* Explains how a person's credit rating is established and how it affects your ability to obtain loans.
* Explores instances of deceptive advertising, deceptive packaging, hard-sell tactics, and masked credit practices (rent-to-own, deferred interest).
* Fills out a catalog order form and calculates the total cost.
* Compares various credit plans (including layaway) to determine best choice for the specific need.

Unit 7  Loans (pgs. 217-238)       14 days
* Compares various banking institutions (banks, credit unions, and savings and loans) and services provided by each.
* Calculates the finance charge and monthly payment on an installment plan.
* Compares different lending institutions with respect to services, costs, and types of loans.
* Computes interest and service charge for various types of loans.

Second Semester

Supplemental Material       9 days
* Compares costs of various forms of transportation and lodging.
* Selects a leisure-time activity and investigates related expenses.
* Plans a vacation using a given amount of money.
* Completes federal (1040EZ and 1040A) and state income tax forms for given data

Unit 8  Automobile Transportation (pgs. 239-261)   15 days
* Calculates costs related to buying and owning a car, including various types of insurance.
* Explains advantages and disadvantages of owning or leasing a vehicle.
* Investigates other forms of insurance, such as dental, disability, automobile, and accidental death
* Examines advantages and disadvantages of extended warranties.
* Interprets rights and responsibilities involved with leases, warranties, guarantees, and sales contracts.

Unit 9  Housing Costs (pgs. 265-288)     30 days
* Determines the percentage of income available for monthly rent or mortgage payment.
* Computes the amount of down payment required to purchase a house/condominium and the price that can be afforded for a given income.
* Calculates monthly mortgage payment and monthly escrow amount.
* Calculates total interest paid on the loan.
* Estimates the closing costs associated with buying a house.
* Compares various banking institutions (banks, credit unions, and savings and loans) and services provided by each.
* Investigates costs associated with renting, such as deposits required and renter's insurance premium.
* Computes the amount of down payment required to purchase a house/condominium and the price that can be afforded for a given income.
* Calculates monthly mortgage payment and monthly escrow amount.
* Calculates total interest paid on the loan.
* Estimates the closing costs associated with buying a house.
* Computes utility costs.
* Compares and contrasts efficiency ratings for large and small appliances.
* Determines services provided by the local telephone companies and related costs.
* Compares services available from long distance telephone providers.
* Compares services and related costs of cable and Internet companies.

Unit 11 Recordkeeping (pgs.315-333)     5 days
* Prepares a budget for a given income on a weekly, monthly, and annual basis.
* Explores and compares various methods of personal record keeping.
* Demonstrates an awareness of how income and personal goals affect financial planning and decisions.

Unit 10 Insurance and Investments (pgs. 289-313)   25 days
* Compares various banking institutions (banks, credit unions, and savings and loans) and services provided by each.
* Compares and contrasts savings accounts, money market accounts, certificates of deposit,savings bonds, stocks, and IRAs.
* Identifies sources of retirement income and map out a sample plan for retirement income.
* Solves problems related to the purchase of, deposits made to, and withdrawals from any of the topics discussed in #39.
* Compares different kinds of life insurance and calculates premiums.
* Computes health insurance premiums and expenses incurred when a claim is filed.
* Computes monthly retirement benefits from social security.
* Computes annual pension from a retirement plan.
* Investigates other forms of insurance, such as dental, disability, automobile, and accidental death.