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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.

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Financial Literacy: Credit Cards & Credit in Algebra Class

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  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

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