Introduction:

As a future mathematics teacher, one of my goals for students is to prepare them for what is to come in the real world. One important aspect that students need to become aware of is money and budgeting. Students are always saying that they will never use mathematics outside of school. This web quest can be used for students to gain an understanding for a real world application. This is to help students realize that budgeting is an important aspect of real life and if you are not careful you can easily get into debt.

Students will be exploring:

• Articles on budgeting based on salary.
• Articles on credit and interest rates.
• Using mathematics to calculate monthly car payments on various automobiles.

Process:

1. You will be assigned groups of two to four individuals.
2. Look at the following words and write down anything that comes to mind with the words. You may also not any questions that you have about these terms.

   • Budget
   • Salary
   • Credit
   • Interest Rates

After writing down information about the terms, discuss in groups of 2 or 3 and note similarities or differences between the thoughts of the terms.

3. Read the articles on Budgeting Your Money and on Credit and Interest Rates. After reading look back on what you and your group members wrote down for each of the terms. Were any of your assumptions correct? Incorrect? What did you learn that you did not know before?
4. Now look at the list of salaries for various careers (See USEFUL STUDENT RESOURCES). Each group should select 3 careers. The careers must be chosen from different sections. Please use the average salary when selecting a career. Use the articles that you read about budgeting to come up with a budget for each career. Compare and contrast your findings on the amount of money being spent in each area.
5. Using the budget that you and your group came up with, how much money you would be spending towards an automobile. As a group, select three cars that you wish to purchase (See USEFUL STUDENT RESOURCES). One car needs to be under $10,000, the second car should be between $15,000-$20,000, and the third car should be over $30,000.
6. After choosing your cars, think about how you could pay for it. Calculate your monthly payment for each car using 8% interest for 48, 60, and 72 months. Does this fit in the budget that you created? What is the monthly income needed to pay for each of these cars based on the article on how much of your money should go towards an automobile? How much money over the actual car price did you end up paying?
7. Report to the class about your findings. Think about what you could change in your budget to afford the car that you want. Why did you choose those areas of your budget to adjust? How would using a down payment affect the monthly payment of the automobiles that you and your group members selected? Is it better to pay a large monthly payment over a small period of time or a small monthly payment over a longer period of time?

Beginning

10

Student did not participate in class discussions or with group.

National Council of Teachers of Mathematics (NCTM) Standards & Expectations (NCTM, 2000)

Number & Operations

• Work flexibly with fractions, decimals, and percents to solve problems.
• Select appropriate methods and tools for computing with fractions and decimals from among mental computation, estimation, calculators or computers, and paper and pencil, depending on the situation, and apply the selected methods.

Algebra

• Develop an initial conceptual understanding of different uses of variables.
• Recognize and generate equivalent forms for simple algebraic expressions and solve linear equations.

Problem Solving

• Build new mathematical knowledge through problem solving
• Solve problems that arise in mathematics and in other contexts

Communication

• Organize and consolidate their mathematical thinking through communication
• Communicate their mathematical thinking coherently and clearly to peers, teachers, and others
• Analyze and evaluate the mathematical thinking and strategies of others;
• Use the language of mathematics to express mathematical ideas precisely.

Connection

• Recognize and use connections among mathematical ideas
• Understand how mathematical ideas interconnect and build on one another to produce a coherent whole
• Recognize and apply mathematics in contexts outside of mathematics

National Standards for the English Language Arts (IRA & NCTE, 1996)

1. Students read a wide range of print and non-print texts to build an understanding of texts, of themselves, and of the cultures of the United States and the world; to acquire new information; to respond to the needs and demands of society and the workplace; and for personal fulfillment. Among these texts are fiction and nonfiction, classic and contemporary works.

3. Students apply a wide range of strategies to comprehend, interpret, evaluate, and appreciate texts. They draw on thier prior experience, their interactions with other readers and writers, their knowledge of word meaning and of other texts, their word identification strategies, and their understanding of textual features (e.g., sould-letter correspondence, sentence structure, context, graphics).

7. Students conduct research on issues and interests by generating ideas and questions, and by posing problems. They gather, evaluate, and synthesize data from a variety of sources (e.g., print and nonprint texts, artifacts, people) to communicate their discoveries in ways that suit their purpose and audience.

8. Students use a variety of technological and informational resources (e.g., libraries, databases, computer networks, video) to gather and synthesize information and to create and communicate knowledge.

12. Students use spoken, written, and visual language to accomplish their own purposes (e.g., for learning, enjoyment, persuasion, and the exchange of information.