Math Teacher Link Module 11 Final Project
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Last Updated: July 23, 2002
Module 11 Final Project
1. Your Name: Jill McCue
2. Title of your Final
Project: Shopping for a car loan
3. Lesson Plan:
a.
Insert a Brief Description of your classroom unit
(including the
course or student group for which it is
intended) below this line.
Lesson:
Introduction of Shopping for Loans and capturing screen shots and pasting them
in documents
Audience: 3 - 11th and 12th
grade hard of hearing students in STEP III/IV (Secondary Transition Experience
Program).
Class
time: 50 minutes
Equipment: Newspaper auto section, TI-83 plus
calculators w/ TI Connect and link cables, mobile laptop lab
Prerequisites: General knowledge of computer sign-in
procedures and use. Basic tutorial of
TI 83 plus completed from Math Teacher Link.
State
standards: 6.B.4, 6.D.5, and 8.A.5
Objective: Students will shop in the auto section of the
newspaper to find 3 vehicles they wish to purchase. They will fill in the prices of the vehicles as well as the given
information on the computer worksheet.
Students will complete the equations necessary to figure out the
amortization schedule for each car. Students will work cooperatively on each
loan until all students achieve mastery.
b.
Insert a List of Class Activities (including homework,
if appropriate)
for each day of the unit below this line.
Activities
Day
1
1. Introduce vehicle shopping unit and discuss
loans.
Questions: What do you pay for a loan? Why?
Is it better to have lower interest or higher interest? Is it better to have low payments over a
long time or higher payments over a shorter period of time? Go through vocabulary from Car Loan notes
and example. Go through example on same
paper.
2.
Demonstrate use of TI Connect and capturing screen shots.
Explain
use of copy and paste or keyboard commands for putting screen shots into
computer worksheet.
3.
Give assignment for the day.
Find
3 vehicles with prices of $30,000 or less in the newspaper.
Transfer
the name and price to the computer worksheet.
Figure the first 6 balances with your calculator following the example.
Use
the given information on the worksheet to figure out how many payments will
need to be made to pay off your vehicle.
Follow the example given.
4.Allow
students to work on computer worksheet for remainder of period. Assist as needed with entering formulas and
capturing screen shots. Any student not
finished may have a pass for study hall to complete the worksheet. (10 points)
Day
2:
1.Students
use information obtained from the previous day to write a brief summary
selecting the loan they feel is most appropriate and the best deal possible for
them.
2.
The students will paste in the screen shots relating to the loan of their
choice from above. Students need to
save this document to a disk.
3.
Students may go to the computer lab to print one copy of this summary to bring
to class the next day. (5 points)
Day
3:
1.Students
will present their summary to the group(5 points) and compare loans with each
other.
2.
Teacher will discuss the factors involved in a vehicle loan.
(Interest
rates, amount of monthly payment, number of monthly payments, down payments and
initial loan value)
3. Extra credit:
Students will ask their parents about any vehicle loans they have or
have had. For each loan story the
students bring in they will earn 1 point.
c.
If you have used the unit in your teaching, insert your
brief
evaluation of its
effectiveness below this line.
I
have not had the opportunity to use this unit yet. I plan use this in the fall of this year.
4. Insert copies of student
handouts or student worksheets (if any) for the unit below
this line.
Car Loan Notes and Example
Vocabulary:
Interest
rate: a charge of borrowing money that
is usually a percentage of the amount borrowed
Down
payment: a part of the full price paid at the time of buying
Loan
balance: the amount of the loan left to
be paid
Compounded
monthly: interest is computed each
month on the amount of the loan balance and interest that has added on
Monthly
payment: an amount that is paid each month
to the bank or lender to reduce the loan
Total
cost of vehicle and loan: the down
payment + (the monthly payments times the number of months the loan was paid) +
any payoff amount that might be left.
Example
Car name: 2001 Ford Mustang GT Convertible
Car price: $28,900
Down Payment = $750 (u0
= price down payment)
Interest Rate = .8% compounded monthly (Remember when converting % to
decimals move point 2 place left) .8% =
.008
Monthly Payments = $400.00
To calculate the loan balance:
- Subtract the down
payment, if any, from the car price.
28,900 750 = 28150
- Multiply the loan
balance(un) by (1 + the interest rate in decimal form).
28,150 * 1.008 = 28,375.20
- Subtract the
monthly payment from the amount in #2.
28,375.20 400 = 27,975.20
- Continue with
steps 2 and 3 above for 5 more months.
- Use the month just
figured(n-1) for the loan balance.
Figure months 5 and 6 in the same way.
When you are finished check with another student to see if your balances
are the same.
Loan Balance month 1 = 27,975.20 ( * 1.008 =
28,199.00 400 = 27,799.00)
month 2 =
27,799.00 ( * 1.008 = 28,021.39 400 = 27,621.39)
month 3 =
27,621.39 ( * 1.008 = 27,842.36 400 = 27,442.36)
month 4 =
27,442.36 ( * 1.008 =
- 400 = )
month 5 = ( * 1.008 = - 400 = )
month 6 =
Using the formula below the calculator will figure the loan balances in
a table for the entire time of the loan.
Push the Y = button, leave the nMin
set at 0. Enter the formula
below for u(n) =, and u0 in brackets for u(nMin).
Then push 2nd and graph button. Use the down arrow to scroll through the balances.
un = 1.008 un-1 - 400
(1 + int. rate ) (monthly payment)
u0 = 28,150
(This will be u(nMin))
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $41,903.77
Total payments(102) * monthly payments(400) + down payment (750) + payoff (353.77) = Total cost
Car Loan Worksheet (10 points)
Name:
Directions: Fill in the blanks with prices from your newspaper selections. Use your calculator to figure out the loan balance following the first 6 months of payments(follow the example from your notes). Use the given information and equations to make tables to show the balance after the first 6 payments and last 6 payments of each loan. For 1 point extra credit use your tables to figure the total price of the vehicle. Use TI Connect to capture screen shots that will be pasted in under each equation.
Car A name:
Car A price:
Down Payment = $0 (u0
= price down payment)
Interest Rate = 1% compounded monthly (Remember when converting % to
decimals move point 2 place left) 1% =
Monthly Payments = $300.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $
Car B name:
Car B price:
Down Payment = $1,000.00 (p0
= price down payment)
Interest Rate = .6% compounded monthly
Monthly Payments = $250.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $
Car C name:
Car C price:
Down Payment = $2,000.00 (p0
= price down payment)
Interest Rate = .5% compounded monthly
Monthly Payments = $350.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $
1. Your Name: Jill McCue
2. Title of your Final
Project: Shopping for a car loan
3. Lesson Plan:
d.
Insert a Brief Description of your classroom unit
(including the
course or student group for which it is
intended) below this line.
Lesson:
Introduction of Shopping for Loans and capturing screen shots and pasting them
in documents
Audience: 3 - 11th and 12th
grade hard of hearing students in STEP III/IV (Secondary Transition Experience
Program).
Class
time: 50 minutes
Equipment: Newspaper auto section, TI-83 plus
calculators w/ TI Connect and link cables, mobile laptop lab
Prerequisites: General knowledge of computer sign-in
procedures and use. Basic tutorial of
TI 83 plus completed from Math Teacher Link.
State
standards: 6.B.4, 6.D.5, and 8.A.5
Objective: Students will shop in the auto section of
the newspaper to find 3 vehicles they wish to purchase. They will fill in the prices of the vehicles
as well as the given information on the computer worksheet. Students will complete the equations
necessary to figure out the amortization schedule for each car. Students will
work cooperatively on each loan until all students achieve mastery.
e.
Insert a List of Class Activities (including homework,
if appropriate)
for each day of the unit below this line.
Activities
Day
1
1. Introduce vehicle shopping unit and discuss
loans.
Questions: What do you pay for a loan? Why?
Is it better to have lower interest or higher interest? Is it better to have low payments over a
long time or higher payments over a shorter period of time? Go through vocabulary from Car Loan notes
and example. Go through example on same
paper.
2.
Demonstrate use of TI Connect and capturing screen shots.
Explain
use of copy and paste or keyboard commands for putting screen shots into
computer worksheet.
3.
Give assignment for the day.
Find
3 vehicles with prices of $30,000 or less in the newspaper.
Transfer
the name and price to the computer worksheet.
Figure the first 6 balances with your calculator following the example.
Use
the given information on the worksheet to figure out how many payments will
need to be made to pay off your vehicle.
Follow the example given.
4.Allow
students to work on computer worksheet for remainder of period. Assist as needed with entering formulas and
capturing screen shots. Any student not
finished may have a pass for study hall to complete the worksheet. (10 points)
Day
2:
1.Students
use information obtained from the previous day to write a brief summary
selecting the loan they feel is most appropriate and the best deal possible for
them.
2.
The students will paste in the screen shots relating to the loan of their
choice from above. Students need to
save this document to a disk.
3.
Students may go to the computer lab to print one copy of this summary to bring
to class the next day. (5 points)
Day
3:
1.Students
will present their summary to the group(5 points) and compare loans with each
other.
2.
Teacher will discuss the factors involved in a vehicle loan.
(Interest
rates, amount of monthly payment, number of monthly payments, down payments and
initial loan value)
3. Extra credit:
Students will ask their parents about any vehicle loans they have or
have had. For each loan story the
students bring in they will earn 1 point.
f.
If you have used the unit in your teaching, insert your
brief
evaluation of its
effectiveness below this line.
I
have not had the opportunity to use this unit yet. I plan use this in the fall of this year.
4. Insert copies of student
handouts or student worksheets (if any) for the unit below
this line.
Car Loan Notes and Example
Vocabulary:
Interest
rate: a charge of borrowing money that
is usually a percentage of the amount borrowed
Down
payment: a part of the full price paid at the time of buying
Loan
balance: the amount of the loan left to
be paid
Compounded
monthly: interest is computed each
month on the amount of the loan balance and interest that has added on
Monthly
payment: an amount that is paid each
month to the bank or lender to reduce the loan
Total
cost of vehicle and loan: the down
payment + (the monthly payments times the number of months the loan was paid) +
any payoff amount that might be left.
Example
Car name: 2001 Ford Mustang GT Convertible
Car price: $28,900
Down Payment = $750 (u0
= price down payment)
Interest Rate = .8% compounded monthly (Remember when converting % to
decimals move point 2 place left) .8% =
.008
Monthly Payments = $400.00
To calculate the loan balance:
- Subtract the down
payment, if any, from the car price.
28,900 750 = 28150
- Multiply the loan
balance(un) by (1 + the interest rate in decimal form).
28,150 * 1.008 = 28,375.20
- Subtract the
monthly payment from the amount in #2.
28,375.20 400 = 27,975.20
- Continue with
steps 2 and 3 above for 5 more months.
- Use the month just
figured(n-1) for the loan balance.
Figure months 5 and 6 in the same way.
When you are finished check with another student to see if your balances
are the same.
Loan Balance month 1 = 27,975.20 ( * 1.008 =
28,199.00 400 = 27,799.00)
month 2 =
27,799.00 ( * 1.008 = 28,021.39 400 = 27,621.39)
month 3 =
27,621.39 ( * 1.008 = 27,842.36 400 = 27,442.36)
month 4 =
27,442.36 ( * 1.008 =
- 400 = )
month 5 = ( * 1.008 = - 400
= )
month 6 =
Using the formula below the calculator will figure the loan balances in
a table for the entire time of the loan.
Push the Y = button, leave the nMin
set at 0. Enter the formula below
for u(n) =, and u0 in brackets for u(nMin).
Then push 2nd and graph button. Use the down arrow to scroll through the balances.
un = 1.008 un-1 - 400
(1 + int. rate ) (monthly payment)
u0 = 28,150
(This will be u(nMin))
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $41,903.77
Total payments(102) * monthly payments(400) + down payment (750) + payoff (353.77) = Total cost
Car Loan Worksheet (10 points)
Name:
Directions: Fill in the blanks with prices from your newspaper selections. Use your calculator to figure out the loan balance following the first 6 months of payments(follow the example from your notes). Use the given information and equations to make tables to show the balance after the first 6 payments and last 6 payments of each loan. For 1 point extra credit use your tables to figure the total price of the vehicle. Use TI Connect to capture screen shots that will be pasted in under each equation.
Car A name:
Car A price:
Down Payment = $0 (u0
= price down payment)
Interest Rate = 1% compounded monthly (Remember when converting % to
decimals move point 2 place left) 1% =
Monthly Payments = $300.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $
Car B name:
Car B price:
Down Payment = $1,000.00 (p0
= price down payment)
Interest Rate = .6% compounded monthly
Monthly Payments = $250.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $
Car C name:
Car C price:
Down Payment = $2,000.00 (p0
= price down payment)
Interest Rate = .5% compounded monthly
Monthly Payments = $350.00
Loan Balance month 1 =
month 2 =
month 3 =
month 4 =
month 5 =
month 6 =
un =
un-1 -
(1 + int. rate ) (monthly payment)
u0 =
(This will be u(nMin)
Paste screen shots here of 1st 6 values and last 6 values.
(Extra credit) Total cost of vehicle and loan $