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Money

Money. Foreign Exchange. Best Buys. Best Service. www.mathsrevision.com. Best Contract. Credit and Debit Cards. Starter Questions. If a = 7 b = 4 and c = 10 Write down as many equations as you can. www.mathsrevision.com. e.g. a + b = 11. Converting to another currency.

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Money

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  1. Money Foreign Exchange Best Buys Best Service www.mathsrevision.com Best Contract Credit and Debit Cards Created by Mr. Lafferty Maths Dept.

  2. Starter Questions If a = 7 b = 4 and c = 10 Write down as many equations as you can www.mathsrevision.com e.g. a + b = 11 Created by Mr. Lafferty Maths Dept.

  3. Converting to another currency Foreign Currency Learning Intention Success Criteria • We are learning how to convert £’s to another currency and vice versa. • 1. Understand the term exchange rate and the proportion method. www.mathsrevision.com • 2. Convert £’s to another currency and vice versa. Created by Mr.Lafferty Maths Dept

  4. Foreign Currency Converting to another currency Up until 1st January 2002, all the countries in Europe had their own type of money (currency). The euro was introduced and the other currencies were no longer accepted. Britain still uses the pound (£) and when you go to Europe on holiday you have to change your pounds to euros. www.mathsrevision.com A euro is divided into 100 parts and each part is called a cent Created by Mr.Lafferty Maths Dept

  5. Exchange rate £1= Euro € 1.44 Dollar $ 1.51 Yen 190 Are we expecting more or less Foreign Currency Converting to another currency Example : How many euros will I get for £100. Proportion method £ € 1 1.44 100 www.mathsrevision.com (more) 100 1 €144 X 1.44 = Created by Mr.Lafferty Maths Dept

  6. Exchange rate £1 = Euro € 1.44 Dollar $ 1.51 Yen 190 Are we expecting more or less Foreign Currency Level 2 Converting to another currency Example : How many Dollars will I get for £50. Proportion method £ $ 1 1.51 50 www.mathsrevision.com (more) 50 X 1.51 = $75.50 1 Created by Mr.Lafferty Maths Dept

  7. Exchange rate £1 = Euro € 1.44 Dollar $ 1.51 Yen 190 Are we expecting more or less Foreign Currency Converting to another currency Example : A iPod costs £300 in Scotland and 420 € in Spain. Which is the better buy ? Proportion method £ € 1 1.44 300 (more) www.mathsrevision.com X 1.44 = €432 300 1 Should buy in Spain and save 12 € Created by Mr.Lafferty Maths Dept

  8. Exchange rate £1= Euro € 1.44 Dollar $ 1.51 Yen 190 Are we expecting more or less Foreign Currency Converting back to £’s Example : How many £’s will I get for 20 € . Proportion method €£ 1.44  1 20 www.mathsrevision.com (more) X 1 = 20 £13.89 1.44 Created by Mr.Lafferty Maths Dept

  9. Exchange rate £1 = Euro € 1.44 Dollar $ 1.50 Yen 190 Are we expecting more or less Foreign Currency Converting back to £’s Example : A business man returns from America with $450. He converts them back to £’s. How much will he get back ? Proportion method $£ 1.50  1 450 www.mathsrevision.com 450 (more) 1.5 X 1 = £300 Created by Mr.Lafferty Maths Dept

  10. Money Now try TJ3b Ex 1 Ch2 (page 13) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  11. Starter Questions • Two numbers add to give 12 and divide to give 3. Find the two numbers. • 2. Two numbers subtract to give 5 and • multiply to 24. Find the two numbers. • 3. Make your own question up. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  12. Best Deal Money Management Learning Intention Success Criteria • De able to compare deals by finding the cost per unit. • 1. We are learning to calculate the best deal for everyday items. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  13. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for Soap Powder ? Deal 1 - Proportion method g£ 350  10.50 100 www.mathsrevision.com (less) 100 £3 X 10.50 = 350 Created by Mr.Lafferty Maths Dept

  14. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for Soap Powder ? Deal 2 - Proportion method g£ 250  10.00 1 www.mathsrevision.com (less) 100 £4 X 10.00 = Deal 1 is Best £1 cheap per 100g 250 Created by Mr.Lafferty Maths Dept

  15. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for Petrol. Deal 1 - Proportion method l£ 60  65.40 1 www.mathsrevision.com (less) 1 £1.09 X 65.40 = 60 Created by Mr.Lafferty Maths Dept

  16. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for Petrol. Deal 2 - Proportion method l£ 38  40.66 1 www.mathsrevision.com (less) 1 £1.07 X 40.66 = Deal 2 is Best 2p cheaper per litre 38 Created by Mr.Lafferty Maths Dept

  17. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for tennis balls ? Deal 1 - Proportion method T£ 10  5.40 1 www.mathsrevision.com (less) 1 £0.54 X 5.40 = 10 Created by Mr.Lafferty Maths Dept

  18. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for tennis balls ? Deal 2 - Proportion method T£ 15  7.50 1 www.mathsrevision.com (less) £0.50 1 X 7.50 = 15 Created by Mr.Lafferty Maths Dept

  19. Are we expecting more or less Best Deal Money Management Ex : What is the best deal for tennis balls ? Deal 3 - Proportion method T£ 48  24.48 1 www.mathsrevision.com (less) 1 £0.51 Deal 1 £0.54 per ball Deal 2 £0.50 per ball Deal 3 £0.51 per ball X 24.48 = 48 Created by Mr.Lafferty Maths Dept

  20. Best Deal Money Management Now try TJ3b Ex 2 Ch2 (page 15) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  21. Starter Questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  22. Best Deal Service Learning Intention Success Criteria • Be able to compare deals by calculating over cost. • 1. We are learning to calculate the best deal for service items. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  23. Best Deal Service No Power Burst Pipe Why would you need to call out a electrician , joiner , plumber etc......... Broken front door www.mathsrevision.com These types of jobs work for the Service Industry. They serve the general public. Created by Mr.Lafferty Maths Dept

  24. Best Deal Service The cost of work carried out by these professions are broken into two parts: Call out charge : To come out to investigate problem Hourly rate : Cost per hour worked to complete job. www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  25. Who should I pick ? Best Deal Service I have a bust pipe in by house. I get two quotes to fix the problem. The job should take 3 hours to fix. www.mathsrevision.com BODMAS Mr Fix-It = 30 + 3 x 32 = £126 Easy-job = 70 + 3 x 20 = £130 Mr Fix-It Created by Mr.Lafferty Maths Dept

  26. Who should I pick ? Best Deal Service Turns out that the job will take 5 hours. www.mathsrevision.com Mr Fix-It = 30 + 5 x 32 = £190 Easy-job Easy-job = 70 + 5 x 20 = £170 Created by Mr.Lafferty Maths Dept

  27. Electrician Job Rate V The cost for hiring a electrician per hour is shown in graphical form. 100 90 80 70 Cost £ 60 £30 (a) What is his call-out fee 50 40 30 £10 • What is his hourly rate. 20 10 T 0 1 2 3 4 5 6 7 9 10 8 • What is the total cost • for a 6 hours job. Time (hours) (0,30) Total C = 30 + 6 x 10 = £90

  28. Best Deal Service Now try TJ3b Ex 3 Ch2 (page 17) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  29. Starter Questions The answer to the question is 90 www.mathsrevision.com What is the question ? Created by Mr. Lafferty Maths Dept.

  30. Best Deal Rates & Contracts Learning Intention Success Criteria • Understand and compare contract deals. • 1. We are learning about best contract deals. • 2. Be able to choose the best contract deal by estimating usage. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  31. Can you name some Providers Sky, BT, Virgin-Media etc... Best Deal Rates & Contracts Most people have a contract for their mobile phone, internet and TV provider Why ? Contracts can be very confusing ! www.mathsrevision.com You can save ALOT of money if you do the maths. Created by Mr.Lafferty Maths Dept

  32. Who gives the best value and by how much to nearest penny ? Best Deal I have just come back from a Holiday in Coney Island New York. I want to convert $500 back to £’s. www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  33. Are we expecting more or less Best Deal Rates & Contracts (Rate-R-Us) - Proportion method $£ 1.50  1 500 www.mathsrevision.com (more) 500 1.50 £333.33 X 1 = Created by Mr.Lafferty Maths Dept

  34. Are we expecting more or less Best Deal Rates & Contracts (Super-Rates) - Proportion method $£ 1.60  1 1 www.mathsrevision.com Rate-R-Us by £20.83 (more) 500 1.60 £312.50 X 1 = Created by Mr.Lafferty Maths Dept

  35. Who gives the best value and by how much after one year ? Best Deal Rates & Contracts APR means Annual Percentage Rate Ethan wants to put some money into the bank. He has two options. He has £3000 to invest. www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  36. Best Deal Rates & Contracts 3 3.5 x 3000 = £90 x 3000 = £105 100 100 www.mathsrevision.com Total in Bank £3105 Total in Bank £3090 Best Deal is Bank of Mr Lafferty by £15 Created by Mr.Lafferty Maths Dept

  37. Paul is always looking for the best deal. He uses 5 minutes per day on calls, 11 texts per day and lots of online searches. What tariff is best ? Tom uses very little calls or internet but sends 10 texts a day. What tariff is best ? Caitlin loves to be online, calls her friend 10 minutes per day and sends 80 texts a day. What tariff is best ? Best Deal Rates & Contracts Below is a typical set of contracts for a mobile phone www.mathsrevision.com Created by Mr.Lafferty Maths Dept

  38. Best Deal Now try TJ3b Ex 4 Start at Q2 Ch2 (page 19) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  39. Starter Questions The answer to the question is 60 www.mathsrevision.com Write down as many questions as you can Created by Mr. Lafferty Maths Dept.

  40. Credit & Debit Cards Learning Intention Success Criteria 1. Understand the key differences between Debit and Credit Cards. • 1. We are learning about Credit & Debit Cards. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  41. In pairs discuss the good and bad points of each. But they work very differently ! They look the same Credit & Debit Cards Buying with with your money Buying with the banks money www.mathsrevision.com % charge each month on burrowed money Normally no charge Not insured for transactions online Insured for transactions online Very easy to get into serious debit Created by Mr. Lafferty Maths Dept.

  42. APR means Annual Percentage Rate Best Deal Rates & Contracts Example : During one month, John owes £2000 on his Credit Card at an APR of 30%. • Assuming he does not buy anything more with • his credit card, how much will he owe the bank • at the end of the month. www.mathsrevision.com x 2000 = £50 Total now owed = £2050 2.5 100 Created by Mr.Lafferty Maths Dept

  43. Best Deal Rates & Contracts (b) Assuming he does not buy anything during the rest of the year with his credit card and does not pay anything off, how much will he owe the bank at end of the year. x 2000 = £600 OR 12 x 50 = £600 www.mathsrevision.com Total now owed = £2600 30 True value nearer £2689.78 Do you think this is correct ? 100 Created by Mr.Lafferty Maths Dept

  44. Have you updated your Learning Log ? Money Now try TJ3b Ex 5 Ch2 (page 21) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

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