ALEX Classroom Resource

  

A Penny Saved Is a Penny Earned…With Interest

  Classroom Resource Information  

Title:

 A Penny Saved Is a Penny Earned…With Interest

URL:

 https://www.econedlink.org/resources/a-penny-saved-is-a-penny-at-4-7-earned/

Content Source:

 EconEdLink
Type: Lesson/Unit Plan

Overview:

In this economics and personal finance lesson plan, students will make decisions about saving and spending. Students will practice calculating interest and creating a budget to practice their mathematics and financial literacy skills. 

Content Standard(s):
Mathematics
MA2019 (2019)
Grade: 7
3. Solve multi-step percent problems in context using proportional reasoning, including simple interest, tax, gratuities, commissions, fees, markups and markdowns, percent increase, and percent decrease.
Unpacked Content
Evidence Of Student Attainment:
Students:
  • Use proportional reasoning strategies including setting up and solving proportions to solve problems involving simple interest, tax, gratuities, commissions, fees, markups, percent increase, markdowns or percent decrease.

    • Example: Students might be asked to "order" from a menu for lunch then calculate the tax and gratuities to determine the total cost.
Teacher Vocabulary:
  • Proportion
  • Simple interest
  • Tax
  • Gratuities
  • Commissions
  • Fees
  • Markups and markdowns
  • percent increase and percent decrease
Knowledge:
Students know:
  • how to interpret a real-world problem to determine what is being asked.
  • Techniques for calculating and using percents to solve problems in context.
  • how to interpret the solution in the context of the problem.
Skills:
Students are able to:
  • Write and solve proportions to help them solve real-world problems involving percent.
  • Solve problems that require them to calculate: simple interest, tax, gratuities, commission, fees, mark ups, markdowns, percent increase and percent decrease.
Understanding:
Students understand that:
  • percents relate to real-world contexts, and how to determine the reasonableness of their answers based on that context.
Diverse Learning Needs:
Essential Skills:
Learning Objectives:
M.7.3.1: Define interest, tax, markups and markdowns, gratuities and commissions, fees, percent increase and decrease, and percent error.
M.7.3.2: Apply definitions to context in real-world problems.
M.7.3.3: Solve proportional problems.
M.7.3.4: Recall how to find percent and ratios.
M.7.3.5: Recall steps for solving multi-step problems.

Prior Knowledge Skills:
  • Define percent.
  • Calculate a proportion for missing information.
  • Identify a proportion from given information.
  • Solve a proportion using part over whole equals percent over 100.
  • Define equation and variable.
  • Set up an equation to represent the given situation, using correct mathematical operations and variables.
  • Identify the unknown, in a given situation, as the variable.
  • Solve the equation represented by the real-world situation.
Alabama Alternate Achievement Standards
AAS Standard:
M.AAS.7.3 Calculate 10%, 20%, 25%, and 50% of a number up to 100.
Mathematics
MA2019 (2019)
Grade: 7
Accelerated
3. Solve multi-step percent problems in context using proportional reasoning, including simple interest, tax, gratuities, commissions, fees, markups and markdowns, percent increase, and percent decrease. [Grade 7, 3]
Unpacked Content
Evidence Of Student Attainment:
Students:
  • Use proportional reasoning strategies including setting up and solving proportions to solve problems involving simple interest, tax, gratuities, commissions, fees, markups, percent increase, markdowns or percent decrease.

    • Example: Students might be asked to "order" from a menu for lunch then calculate the tax and gratuities to determine the total cost.
Teacher Vocabulary:
  • Proportion
  • Simple interest
  • Tax
  • Gratuities
  • Commissions
  • Fees
  • Markups and markdowns
  • Percent increase
  • Percent decrease
Knowledge:
Students know:
  • how to interpret a real-world problem to determine what is being asked.
  • how to interpret the solution in the context of the problem.
Skills:
Students are able to:
  • Write and solve proportions to help them solve real-world problems involving percent.
  • Solve problems that require them to calculate: simple interest, tax, gratuities, commission, fees, mark ups, markdowns, percent increase and percent decrease.
Understanding:
Students understand that:
  • proportional reasoning requires interpretation or making sense of percent problems.
  • Solving problems and determining their calculated answers may require further computation.
Diverse Learning Needs:
Tags: budget, decimal, finance, hundredths, interest, money
License Type: Custom Permission Type
See Terms: https://www.econedlink.org/terms-of-use/
For full descriptions of license types and a guide to usage, visit :
https://creativecommons.org/licenses
AccessibilityText Resources: Content is organized under headings and subheadings
Comments

This resource is free to use. 

  This resource provided by:  
Author: Hannah Bradley
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