Objectives

Method of Summative Evaluation

1.  Given a teacher created assessment, students will define budget, loan, and savings account with 100% accuracy as determined by the teacher.

Written evaluation - teacher review of worksheet using the answer key

2.  Given a fictitious real-life scenario, students will work individually to determine the rate of change and initial amount (y-intercept) of a savings account.  Students must score a 3/3 on this section of the rubric.

Project evaluation - rubric

3.  Given a fictitious real-life scenario, students will work individually to create a table, y = mx + b equation, graph and verbal explanation to represent the amount of money in an account.  Students must score a 13/15 on this part of the rubric.

Project evaluation - rubric

W

The introduction of the lesson will include an activating strategy that will use real life scenarios that will show the students where we are heading with this lesson. Through the activation strategy we will ascertain the students’ background knowledge about savings, loans, and budgeting for desired items in life. If needed we will build background knowledge to ensure the students understand the Essential Question.

H

This lesson will hook the students because of the real life scenarios that will be drawn from a hat. The lesson is designed to hold the students attention throughout the lesson by making the students analyze budgets using algebraic concepts. In addition, the items that the students are budgeting for bring the lessons into the lives of eighth grade students

E

This lesson is intended to reinforce previously learned algebraic concepts.  The students will explore budgets while creating tables, equations and graphs. The real life scenarios will engage students in analyzing their personal budgets (fictitious) while applying previously learned algebraic concepts.

R

Students will have a chance to revise and refine their work when they meet with students that have selected the same real life scenario. Based on the feedback from the other students and the teacher, students will have the opportunity to reflect on the data. Once the students are done analyzing their personal budget they will reflect on the data and create their verbal explanation.

E

Students will exhibit their understanding of algebra by creating tables, equations, and graphs from a fictitious budget. The students will exhibit their understanding of savings, loans and budgets through their verbal explanations. The students’ analysis of their personal fictitious budgets should help them understand budgets and personal financial goals in the future.

T

This lesson can be tailored to individual needs. The scenarios may be read to students with reading difficulties. Students with fine motor skill limitations can be assisted by students or the teacher when creating their graph. The possibilities are limitless based on the students’ needs and or learning styles.

O

This lesson is organized in sequential order. First, the students will have to take the budget scenario and then create a table. Next they will take the data from the table and create an equation. Then the students will create a graph. Finally, the students will create a verbal explanation of their analysis of the personal budgets. This sequential order will be key to making this lesson effective.

Strategy

Outline

Resources/ Materials

Related Skills

Objective 1 – Given a teacher created assessment, students will define budget, loan, and savings account with 100% accuracy as determined by the teacher.

Activating Strategy/ Introduction

Have a discussion with students about wanting certain items in life, but not always being able to afford them right away.  Arrive to the conclusion that we can either save up for the item, or we can take a loan out for the item that must be paid off. Explain how items can be obtained if people analyze their financial situations and personal budgets properly. Explain that in this lesson they will use algebra to show them one way of making this analysis. Build background knowledge to ensure the students understand the Essential Question. Then introduce the definitions of budget, savings accounts, and loans (see the “Vocabulary” section of this planning guide).

Before class, using the teacher resource - Savings Account Scenarios, prepare slips of paper with one savings scenario on each.  Have students pick a fictitious scenario with a desired item out of the hat/container along with an income and an initial amount of savings. These pieces of information will represent a made-up real-life scenario that applies to the student. Review the definitions of budget, savings accounts and loans. 

Resource 1

Assessment

At this point hand out the assessment on vocabulary terms. At the bottom of the assessment there is an activating question that the students will have to answer. This question will set up the rest of the lesson.  The question is, “How long do you think it will take you to purchase your fictitious desired item based on the level of income and initial savings you randomly drew from the hat?” 

Resource 2

Objective 2 - Given a fictitious real-life scenario, students will work individually to determine the rate of change and initial amount (y-intercept) of a savings account.  Students must score a 3/3 on this section of the rubric.

Activity

Distribute the student response sheet for the savings account. Have them focus on the first two items. Explain that they will examine their fictitious real-life scenario and based on their determined level of income and the starting amount in their savings account; have them determine the initial amount (y-intercept) and rate of change (slope). Note that the y-intercept will be the starting amount in the account and the rate of change will be the income being deposited into the account. Distribute the rubric for the savings account and go over the first category, “Rate of Change and Initial Amount.” Explain that they must score a three out of three to continue.

Give students a few minutes to determine the initial amount and rate of change. Visually examine their answers to make sure these are correct.

Resource 1

Resource 3

Resource 4

13.3.8.D

CC.2.2.8.C.1

CC.2.2.8.C.2

Objective 3 - Given a fictitious real-life scenario, students will work individually to create a table, y = mx + b equation, graph and verbal explanation to represent the amount of money in an account.  Students must score a 14/16 on this part of the rubric.

Activity

Explain to students that they will be creating a table to represent the amount of money in their savings account over time. Remind students the table will start with an x (or time) value of zero to represent the initial amount in the account. Have them fill in the “X, Y” table on the response sheet. Remind them of the spacing requirements and that they are to have a minimum of five ordered pairs.

Explain that they will next create a y = mx +b (slope-intercept) equation based on the slope and initial amount they determined before creating the table. Remind them of where to plug in the determined amounts into the equation.

After completing the equation, explain that they will then graph their y= mx + b equation on a given coordinate plane.

Finally, tell them to create a verbal explanation of the amount of money in their savings account at any given time and the time when they will reach the desired amount to make their purchase.

Review the rubric and categories to make sure they understand the criteria for which they will be evaluated.

Distribute rulers to help create the graphs and give them about ten minutes to complete the above requirements.

Resource 1

Resource 3

Resource 4

Equipment 1

13.3.8.D

CC.2.2.8.C.1

CC.2.2.8.C.2

Form groups of four to five students who have the same scenarios. Have them check each other’s work for errors. Give students time to revise their work if needed. Allow about five minutes for this check.

CC.2.2.8.C.1

CC.2.2.8.C.2

Activity

Explain that they will be repeating the above process for a situation where instead of saving money to obtain an item, they will be paying off a loan for it. Have each student randomly select a real-life loan scenario out of a hat/container. Note that in this case the rate of change should be negative and the scenario will include an initial loan amount and an amount of income being used monthly to pay off that loan. Remind students that in this case there is no savings account the money is coming off of a loan.

Distribute the response sheet and rubric for loans. Direct them to again determine the rate of change and initial amount and use these to create a table, equation, graph and verbal explanation. In order to utilize y = mx + b, tell students to assume all loans are interest-free. Review the rubric for this activity. Allow about twenty minutes for this activity.

Resource 5

Resource 6

Resource 7

13.3.8.D

CC.2.2.8.C.1

CC.2.2.8.C.2

Closure

Reform the previous scenario groups and have them discuss about how they could purchase their desired item sooner in the savings scenario. Have them also discuss how they could pay off their loan sooner.

As a class discuss their answers to make sure they identified in the savings scenario as either depositing more into the account each month, or starting with a greater initial amount and in the loan scenario, to pay more towards the remaining balance of the loan each month. Allow about five minutes for this closure.

Use the rubrics to grade the results of both scenarios.

13.3.8.D