A Penny Saved Is a Penny Earned...With Interest

Learning Resource Type

Classroom Resource

Subject Area

Mathematics

Grade(s)

7

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. 

Mathematics (2019) Grade(s): 7

MA19.7.3

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.

UP:MA19.7.3

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.

CR Resource Type

Lesson/Unit Plan

Resource Provider

EconEdLink
ALSDE LOGO