Business, Administration and Entrepreneurship (Other sources of ideas)
A collection of resources which provide ideas and inspiration for teaching mathematics in the context of business, administration and entrepreneurship. The resources included in this collection require some adaptation to make them appropriate for the particular audience.
Where Does Your Money Go?
In this activity students investigate how families spend their money by using a Family Spending report. Students plot appropriate graphs using ICT, interpret data from tables and graphs and understand where the average family spend their money including looking at the cost of living. Students should also begin to consider personal finances and how to manage money.
Compound Interest
This activity shows how compound interest can be calculated over different intervals. As the intervals get smaller and smaller, the total value approaches a limit. Topic areas covered are:
• Use of different time intervals for compounding interest
• Multipliers for percentage change
• Compound interest formula
• The exponential function as a limit of increasingly frequent compounding
• Annual Equivalent Rate (AER)
• Annual Percentage Rate (APR)
• Gross interest
• Net interest
• Use of different time intervals for compounding interest
• Continuous compounding
Credit Cards
This activity shows students how to use a recurrence relation to work out how long it takes to pay off a credit card loan and how much it costs. They can use a graphic calculator or spreadsheet to do the working.
After working through the given example, where a customer spends £1250 and repays £80 per month at a monthly interest rate of 1.2%, students are asked to investigate how long it would take to pay off another debt with different rates of interest or different regular payments.
Business, Administration and Entrepreneurship
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