Learning Sequence
Financial Literacy #1 - What is a Mortgage and How to Choose One?
.png)
Introduction With Gavin
In this lesson, students assist Mr. Stephenson in making an informed home-buying decision, fostering independence in learning. They apply mathematical reasoning to analyze his income, expenses, and mortgage options, enhancing their financial literacy.
The lesson transcends mere calculations; students delve into ethical understanding, evaluating the impact of financial decisions on Mr. Stephenson's family life. This multifaceted approach not only sharpens their numerical skills but also develops their ability to make well-rounded, ethical decisions. It's an effective blend of practical math application, independent problem-solving, and ethical consideration, crucial for developing responsible, thoughtful learners.We will also use google sheets to help us calculate what is going on and how we might find the answers a lot quicker using formulae and code to do the maths for us.
This week, let's step into an exciting challenge where we help Mr.Stephenson, a father who wants to buy a home for his family. It's not just about numbers; it's about understanding what's right and making smart choices.
Our goal: Help him decide if he should buy a house. We'll look closely at how much money he earns, how much he has saved, and what it means to have a mortgage. It’s like solving a puzzle, but with real-life money and choices!
During this week, you’ll become really good at using math in everyday life. You’ll figure out how to use percentages, make budgets, and understand big numbers to see if Mr. Ramirez can afford a house. But there's another important part – thinking about what's fair and right. Buying a house is a big deal, and we need to think about how this decision affects Mr. Ramirez's family.
You’ll work in groups to talk about different ways Mr. Ramirez can get a mortgage. You’ll look at how these choices will help or be hard for him in the long run. You need to decide the best way for him to buy a house, thinking about both the money part and what is the most responsible choice.
Get ready for a fun week where you’ll not only get better at math but also learn how to make tough decisions. We’re going to help Mr. Ramirez in a big way, and learn a lot ourselves too!
Quote of the week - Issac Newton
This weekly segment introduces students to influential mathematicians, encouraging contemplation of their contributions and the profound impact of mathematics on society. The activity of reflecting on and displaying their quotes aims to deepen students' comprehension and appreciation of mathematical thought and its real-world relevance.
Ask the children to discuss the meaning in pairs or in groups and then discuss what all of the opinions of the class are. Maybe there is a student who has extra knowledge on the mathematician of the week.
Each week, we will inspire you with a quote from a famous mathematician. Mathematicians are not just individuals who work with numbers and perform calculations; they are pioneers who have helped shape our modern world and the society we live in.
Every week, we'll explore a different mathematician and learn about their contributions to the world as we know it. Read the words carefully and reflect on what the mathematician meant when they shared these famous words.
‘Mathematics is literally everywhere you look!’
Weekly Keywords
Introduce the spelling word list and choose from this list of tasks that can be repeated and expanded upon if necessary.
Copy the words into a spelling list/Vocabulary book for later reference.
Put each of the new words into a sentence and underline the new vocabulary in red pencil
Place the words in alphabetical order in a list.
Use a dictionary to define each of the words and place them into a vocabulary book.
Try to represent each of the words using a picture or a symbol and play the guessing game. (which image is matched to which word)
Write a paragraph containing all of the new vocabulary.
Make a vocabulary wall containing all of the new words.
Use a thesaurus to find synonyms for the words and create a synonym list.
These words will help you during this week’s lesson. You may already know some of these words however practice makes perfect!
First, read the words and then try to define them as simply as possible. Work with a partner or in a group to decide what each of these terms means.
An example has been completed for you. You can write these into your books, and draw a picture to match or simply complete the task card.
The Situation - Mortgage Choice
In this lesson, students engage with the scenario of Mr. Stephenson's home-buying decision. They're tasked to thoroughly read and highlight key information about his financial and family situation. The exercise focuses on developing their skills in identifying crucial data, analyzing it, and collaboratively discussing potential mortgage options.
This isn't just a math exercise; it's a real-life problem-solving scenario where students must consider various factors, including financial stability and long-term implications. After their analysis, they'll gain further insight from Dan Lakis's approach, providing them with a multi-angled perspective on the problem. This activity cultivates critical thinking, financial literacy, digital technologies and collaborative skills.
Step into the shoes of Mr.Stephenson, a dedicated father and husband looking to purchase a home with his family. Dive deep into the story and collaborate with your peers to evaluate the best mortgage for him. Remember, choosing a mortgage is more than just about current rates; it's about the future.
Read all of the information on the task card opposite and take some notes and discuss, as later, towards the end of the session, you'll be telling the rest of the class which mortgage you think is the best choice for Mr Stephenson.
Finding The Facts
This lesson teaches students to identify key information in word problems, focusing on a scenario where they evaluate mortgage options for a character. It enhances their ability to extract essential data from a narrative and apply mathematical calculations, crucial for practical problem-solving and understanding real-life financial decisions.
Before you start making a decision about which choice to make in this week's scenario, it's crucial to have all the facts at hand.
Sometimes, the key numbers and information can be hidden within the story's text.
Work together to complete the accompanying sheet by carefully reading the questions and calculating the amounts for each. These numbers will certainly assist you in making a decision in the next part of the learning sequence.
Make Up Your Mind - Rubric and Discussion
During this lesson, children will learn decision-making through a rubric, scoring factors on a scale of 1-5. They'll evaluate different aspects, including ethics, to understand the balance between numerical analysis and moral considerations.
This exercise aims to develop their ability to make informed choices, considering both tangible data and ethical implications, thus enhancing their critical thinking and ethical reasoning skills in a practical, engaging way.
In order to make a decision, you will need to look at all the factors and decide. Although numbers can tell us some of the things that help us make big decisions like this, there are always many other things to consider.
Take a look at the rubric opposite and answer the questions for each of the banks, ranking them from good to bad using scores of 1-5.
Total the scores at the bottom of the rubric, but before you make up your mind, consider the ethical and community implications of the decision you make
The Magical Monthly Factor
Guide your students through the simple steps of using the Magical Monthly Factor to estimate mortgage repayments. First, explain how the factor represents the average monthly cost per $1,000 borrowed over 30 years. Then, support students as they subtract the down payment, divide the remaining amount by 1,000, and multiply by the correct factor. Encourage them to compare different banks and discuss which offers the best deal
Now it’s your turn! Use the Magical Monthly Factor to work out the repayments for the other two banks. Just subtract the down payment, divide the rest by 1,000, then multiply by the matching monthly factor. Which loan gives the best deal each month? Let’s find out!
Real mortgages are a bit more complex than this. Feel free to explore the more detailed method of calculating a mortgage—but this is a great way to get started!
Real World Learning - Utility Bills Analysis
In this lesson, students independently collect and analyze their household or school utility bills, fostering independent learning and research skills.
They'll use a rubric to evaluate costs and ethical factors like environmental impact and customer service. This exercise not only enhances their data analysis abilities but also encourages them to seek better, more ethical service providers, thus promoting critical thinking, responsibility, and practical application of their learning in real-world scenarios.
With your new skills in data analysis and ethical reasoning, we want you to put these into action at your own home or school.
Your task is to collect some of the utility bills that your school or family is currently paying. These could be the gas, water, electricity, or telephone bills.
Once you have collected the bills, use your new analysis skills to choose one and determine if there's a better option for your household or school.
AS you can see on my example, E-gas is more expensive but the impact it has on the environment sis much better than the cheaper options.
Use the blank rubric provided to analyze the bills you have collected. If you think there is a better option, please do your research and find a more suitable alternative for those in your community.
Consider whether the electricity provider is too expensive, pollutes the atmosphere, or has a poor reputation for customer care. Your job is to analyze all of these aspects and see if there are any better options for your family or school
Guided Writing - Writing A Financial Report
This activity tasks students with analyzing utility bills to compare service providers based on cost, eco-friendliness, and customer service. They'll summarize findings in a persuasive letter, targeting the bill-payer in their household or school. This real-world application enhances their understanding of household economics, environmental impact, and effective communication, equipping them with practical skills in data interpretation, critical thinking, and persuasive writing, crucial for informed decision-making in daily life.
Once you have gathered your data, your task is to inform your school or family about your new findings.
We encourage you to summarise the data and compose a brief letter to send to the person who manages the bills. Feel free to include links to relevant websites or phone numbers if you like.
If your data is well-collected and your letter is filled with persuasive language and factual information, you might just convince your parents or your school to consider a new perspective.
Best of luck!
Weekly Inspiration - Big Numbers
This week, students transition from analyzing data to understanding the universe's vast scale. They'll watch a video to grasp the enormity of cosmic numbers and engage in discussions to reflect on the insights and inspiration gained from this broader perspective on size and space.
After exploring data this week, it's time to delve into the universe and comprehend the vastness of numbers when considering the entire cosmos.
Watch the video and discuss what you learned from this inspiring talk.