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Day 15 – In Whose Best Interest is Interest?Name: Emily StaskinDate: 3/4/20Grade/Class: Math 8SOL: 8.4?The student will solve practical problems involving consumer applications.Learning Targets: I can apply my knowledge of simple interest to a practical situation.Secondary learning targets:I can compare and contrast simple interest rates from banks.I can compare loan rates and determine the best loan when given options.Key Vocabulary: interest rate, principal, interest, loan, credit card, certificate of deposit (CD), savings account, car loan, personal loan, Manufacturer’s Suggested Retail Price (MSRP), Annual percentage yield (APY), minimum balance, down payment, installmentMaterials: Car Loans (displayed on smart board), CD Rates (on google classroom)SIOP FeaturesPreparation:Scaffolding:Group Options:_X_Adaptation of content_X_Modeling_X_Whole class_X_Links to background_X_Guided practice___Small groups_X_Links to past learning_X_Independent practice_X_Partners_X_Strategies incorporated_X_Comprehensible input_X_IndependentIntegration of Process:Application:Assessment:_X_Reading___Hands-on_X_Individual_X_Writing_X_Meaningful___Group___Speaking_X_Linked to objectives_X_Written___Listening_X_Promotes engagement___OralLesson Sequence(10min) To prepare for the Unit 7 (Practical Problems with Consumer Applications) Test this Friday (3/6), students will be working on spiral review questions as their warm-up each class. Today, they will be reviewing solving discount and markup problems. The following problems will be given to students to independently solve before reviewing as a whole class:Originally a $62 television, with 15% sales tax.$71.3030% discount on a $118 DVD player.$82.60Haircut is $23. You leave a 20% tip.$27.60Dinner bill was $34. Sales tax is 5%. You leave a 18% tip.$41.135-E Lesson Plan Format:Engagement (7-10min) Includes 2-3min to turn in spiral review and refocus.Students will be given the following scenario and must determine whose best interest this loan is in: A lender has $1,000 to lend, and the borrower needs to borrow $1,000. The lender agrees to lend the money at a rate of 5% annual interest.Key Questions:What is the interest rate on this loan? What is the principal?How do you calculate the interest of this loan? How much will the borrower be paying the lender in the end?What do I mean by “in whose best interest”? In whose best interest is this loan? Why?Elaboration/Extension/Expansion (30min) Includes 5min to divide into groups and explain the assignment.Students will be working on an assignment in google classroom called CD Rates. In this assignment, they will be calculating the interest earned from various certificates of deposits (CDs) from two different banks.The first part of the assignment gives students the term, APY, and minimum balance of various types of CDs. They will be asked to calculate the interest that can be earned from each of the CDs. based on the minimum required opening balances. Answer Key (Question 7 in Group 1, Question 3 in Groups 2 and 3)CD on the goEasy CDYearly CDSitting CDLong CDMoney Bank$0.70$112.50$800$2250Not ApplicableBank of the 27th State $13.70$109.38$300$1062.50$2187.50Once students find the interest for each CD based on the minimum required opening balance, they will be comparing the same types of CDs for each bank. They will need to determine which bank they would choose for their CD based on how much money they have. They will also be determining whose interest is better served based on various CD rates. During this lesson, students will be divided into three groups. Each group will have a slightly different assignment. Group 1: Scaffolding questions and additional steps written in to help them go through the problems.Group 2: Less scaffolding, but hints provided to help them start out.Group 3: Less scaffolding, but hints provided to help them start out. They will have an additional group of questions that compare car loans.Key Questions:What can you tell about the interest rates and the terms from each of the two banks?Which bank would it be in the customer’s best interest to buy a CD from? Why?How did you determine which CD would be better for the customer?Can you calculate what the down payment and monthly installments would be in each scenario?Evaluation Students will be turning in their warm-up from the spiral review questions. This will give the teacher the opportunity to check their understanding of the concepts and if needed, incorporate more review on these questions before Friday’s test.For the CD Rates assignment, the goal for all groups is to apply their knowledge of simple interest to a practical situation. Group 1: They should be able to demonstrate their ability to calculate simple interest given a practical situation.Group 2: They should be able to calculate simple interest and use those calculations to inform their decisions about which CD is better. This is applying their knowledge of simple interest to a practical situation.Group 3: They should be able to calculate simple interest and apply those calculations to inform their decisions, just like Group 2. They will be given an additional scenario to apply their knowledge to as well.Homework: Students will finish the CD Rates assignment on google classroom for homework.Reflection:The all-new four door Shmerokey SUV $32,999Which is the best option for a new Shmerokey?No money down and 3.99% APR for 72 monthsI=32,999.03996=7899.96$32,999+$7,899.96=$40,898.96$40,898.96÷72=$568.04$3,000 down and 2.75% APR for 60 months$32.999-$3,000=29,999I=29,999.02755=4124.86$32,999+$4124.86=$37,123.86$37,123.86÷60=$618.73$4,500 down and 1.99% APR for 60 months$32,999-$4,500=28,999I=28,499.01995=2,835.65$32,999+$2,835.65=$35,834.65$35,834.65 ÷ 60 =$597.24Have students make comparison amongst the term lengths and monthly payments and rates. ................
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