1 / 14

Financial Literacy: Credit Cards & Credit in Algebra Class

Financial Literacy: Credit Cards & Credit in Algebra Class. Kate Maschmeyer @MathKatherine. Overview. Framing & Big Goals How does it work in my class? Considerations Response from Students Moving forward. Framing.

carmelita
Download Presentation

Financial Literacy: Credit Cards & Credit in Algebra Class

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Literacy: Credit Cards & Credit in Algebra Class Kate Maschmeyer @MathKatherine

  2. Overview • Framing & Big Goals • How does it work in my class? • Considerations • Response from Students • Moving forward

  3. Framing Credit cards are a real-world application of exponential functions, specifically compound interest. We’re going to explore how credit cards and credit work. Use the info to help make the best [financial] decisions you can with the resources you have at the time. Stay informed & help spread information!

  4. Goals • Students are highly engaged in learning about real-world applications of the math they are learning • Students have a greater understanding of: • Credit cards & how they work • Credit, why it’s needed, & how to build/maintain • How & why they can stay informed re financial decisions & share info with others

  5. How does it work in my class? Exploration through activities: • What’s a Credit Card? & Your Own Credit Card! • Repayment Calculator • Class Reading: Credit • Real Credit Card Offers • Other Offers: Student Loans, Car Financing • Mini Project: Real-World Compound Interest

  6. What’s a Credit Card? & Your Own Credit Card What’s a credit card? Class discussion about what credit cards are & how they are used. Includes min payment, APR. Your Own Credit Card! You’re going to get your own (fake) credit card! Choose & write down how much you’d like to spend with it. Spend at least $500. Your credit limit is $3000.

  7. Repayment Calculator https://www.bankrate.com/calculators/credit-cards/credit-card-minimum-payment.aspx

  8. Class Reading: Credit Why do we need credit cards anyway? Can’t I just use cash or debit? Idea of credit & credit scores: https://creditcards.usnews.com/articles/everything-you-need-to-know-about-credit-scores

  9. Real Credit Offers Small groups explore real credit card offers! • Notice & wonder • Who is from? • What is the offer for? • What is the APR? • How is the info presented?

  10. Other Offers & Mini Project We do talk about investing money, savings accounts, CDs, etc. briefly. Mini Project: Students choose their own real-world application of compound interest & explore the benefits and costs over time.

  11. Considerations Students at my school come from a very wide range of economic backgrounds. How can we recognize & honor these differences during these explorations?

  12. Response from Students

  13. Response from Students • Often very excited to receive credit card at start • Have tried to give credit card back at the end • Asked to learn about more financial literacy incl taxes • Graduates have remarked how much they appreciated these lessons & that HS classmates often don’t know this info

  14. Moving Forward Possible future ideas: • Partner with Humanities to explore systemic financial disparities, why they occur, & how to combat • Budgeting project • More resources for students to keep learning • Financial Literacy activities for wider range of students and/or families

More Related