Big Idea:

Methods of Payment

Interest rates

Expectations:

Financial Literacy

• F1 demonstrate the knowledge and skills needed to make informed financial decisions

  • F1.1 describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services

  • F1.4 explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions

Number

• B1 demonstrate an understanding of numbers and make connections to the way numbers are used in everyday life

  • B1.6 round decimal numbers to the nearest tenth, hundredth, or whole number, as applicable, in various contexts

Social Emotional Learning (SEL) Skills in Mathematics and the Mathematical Processes

• A1. Throughout this grade, in order to promote a positive identity as a math learner, to foster well-being and the ability to learn, build resilience, and thrive, students will apply, to the best of their ability, a variety of social-emotional learning skills to support their use of the mathematical processes and their learning in connection with the expectations in the other five strands of the mathematics curriculum.

In this lesson, to the best of their ability, students will learn to think critically and creatively as they apply the mathematical processes reflecting (demonstrate that as they solve problems, they are pausing, looking back, and monitoring their thinking to help clarify their understanding (e.g., by comparing and adjusting strategies used, by explaining why they think their results are reasonable, by recording their thinking in a math journal)) and communicating (express and understand mathematical thinking, and engage in mathematical arguments using everyday language, language resources as necessary, appropriate mathematical terminology, a variety of representations, and mathematical conventions) so they can work make connections between math and everyday contexts to help them make informed judgements and decisions.

Materials

• Chart paper

• Access to technology (teacher)

• Student access to technology (optional)

• Concept Map Tool (e.g., Google Jamboard, Padlet)

• Advantages and Disadvantages - Methods of Payment (student worksheet)

• Potential Student Responses - Advantages and Disadvantages (for teacher use)

• Case Study: Dakota

• Interest Rates - Collaborative Jamboard

• Consolidation Prompts (for student use)

• Consolidation Prompts (for teacher use)

• Exit Ticket - I used to think, Now I know....

• Exit Ticket (Google Jamboard) - I used to think.... Now I know....

• Glossary, embedded in the Financial Literacy Strand of the Grade 6 Mathematics Curriculum.

• Digital versions of documents can be used in person or online. Adaptations can be made to these documents to facilitate conferencing in small or whole group class meetings. Slides, Docs, Jamboard, white board, can be used depending on district tools, to see how the different groups are collaborating in real time.

Prior Learning

• Students may have had the opportunity to study the concepts of credit and debt and how financial decisions may be impacted by each (Gr 5, F1.4).

• Students may have had the opportunity to identify various methods of payment that can be used to purchase goods and services (Gr 4, F1.1).

To engage students and to activate their prior knowledge, the teacher can lead a game of "Would you rather?".

Teacher prompt: “We are going to activate our prior knowledge about different forms of payment by playing ‘Would you Rather?’. I want you to think of all the different payment methods you know and when the various forms of payments might be used. During this activity we will use your ideas and the ideas of others to make decisions as a class. Please do not be afraid to ask questions if you do not understand.”

Example 1:

“Imagine you are buying a car.

Would you rather pay in cash, with gift cards or a money transfer? Why?”

The teacher will ask questions to generate meaningful math conversations.

• “What would paying for a car look like?”

• “Do you think paying for a car with gift cards has ever been done?”

• “What is an electronic money transfer?”

Anticipated student responses could include:

• “I would not want to pay for a car with cash because that is a lot of cash to carry around and it would take a while to count.”

• “I think it would be funny to pay for a car with gift cards. I don’t think it has been done before.”

• “I’ve never seen a gift card for a car dealership and I don’t think gift cards can even hold that much money.”

• “I think that a money transfer could be a good way to pay for a car because it comes right out of your bank account and you don’t have to count it.”

• “I am not old enough to buy a car.”

Example 2:

“You need a haircut.

Would you rather pay in cash or in-kind?”

The teacher will ask questions to generate meaningful math conversations.

• “What does ‘in-kind’ mean?”

• “If you don’t have cash can you pay by offering a service for a service or offering goods for a service?”

Anticipated student responses could include:

• “I think in-kind might mean doing something nice for someone because it has the word kind.”

• “I think I would rather pay in-kind because it saves me money.”

• “If I don’t have cash, I could cut the grass or shovel the driveway as a payment in-kind.”

Example 3:

“Your family needs groceries.

Would you rather pay with a debit card or an online payment service?”

The teacher will ask questions to generate meaningful math conversations.

• “What is an online payment service?”

• “Do you think paying for groceries with an online payment service has ever been done?”

Anticipated student responses could include:

• “I think debit is a good way to pay for groceries because I’ve seen this done before.”

• “I think online payment services would not be a very good way to pay because they sometimes charge fees.”

Example 4:

“You need a birthday gift for a friend.

Would you rather pay for it with cash, a gift card or a cheque?”

The teacher will ask questions to generate meaningful math conversations.

• “Do you think paying for a birthday gift with a cheque has ever been done?”

• “What would paying for a birthday gift look like to you ?”

Anticipated student responses could include:

• “One time, we went to a vendor event, and they did not take debit or credit, so we paid with cash.”

• “I would rather pay for a birthday gift with a gift card because this way it doesn’t cost me anything.”

• “When I pay with cash, I know how much money I have to spend.”

Example 5:

“You are getting gas for your car.

Would you rather pay with a credit or a bank transfer?”

The teacher will ask questions to generate meaningful math conversations.

• “What is a bank transfer?”

• “What would paying for gas look like?”

Anticipated student responses could include:

• “I know people try to go quick when they pay for gas because there is usually a long line behind them so credit is very quick.”

• “I think credit cards are quick because you can just tap a lot and that’s it.”

• “Credit cards and quick for paying, so I think I would rather use that.”

• “You can get rewards for paying with credit cards.”

Wrap up this part of the lesson with a summary.

Teacher Prompt: “So far, you’ve had an opportunity to share your understanding of different forms of payment--what they are and the best ways to use them. Next, we’ll be thinking a little more about these forms of payments for purchasing items.”

LOOK-FORS:

Opportunity for Differentiation

As a virtual option, teachers can share the Advantages and Disadvantages - Methods of Payment worksheet with their students. Teachers might also refer students to an online concept map tool such as Google Jamboard or Padlet to record their ideas. If additional understanding of the vocabulary is required, please refer to the Glossary embedded in the Financial Literacy Strand of the Grade 6 Mathematics Curriculum.

Digital versions of documents can be used in person or online. Adaptations can be made to these documents to facilitate conferencing in small or whole group class meetings. Slides, Docs, Jamboard, white board, can be used depending on district tools, to see how the different groups are collaborating in real time.

Opportunity for Assessment

Assessment of Learning: This activity provides an opportunity to gather evidence through observations, conversations and products. Students will share their completed comparison chart. The teachers can evaluate their understanding of various methods of payment.

By using the information that students have brought forward through “Starting Learning” and “Active Learning” sessions, it’s now time to connect their learning back to the learning goal and draw out some success criteria (anticipated and incidental). The teacher will remind students of the learning goal. Together, the teacher and students can co-create the success criteria with the teacher which could then be turned into the assessment rubric.

Teacher prompt: “Our learning goal is ‘We are learning to identify types of interest rates and fees associated with different accounts’. What are our success criteria?”.

The success criteria could include:

• I can use math vocabulary to explain the concept of interest.

• I can identify the interest and fees associated with various forms of payments and choose the payment method that is the best for my purchase.

Teacher prompt: “Now that you have analyzed the potential interest rates that Dakota’s brother could pay, you will use the information provided in the table to decide which payment option is best for Dakota’s brother’s situation. You will think critically about what the question is asking and make connections to what you have learned to help you make a decision. ”

The teacher will print the Teacher Version - Consolidation Prompts in large font and tape them on various vertical surfaces in the room. Following this, the teacher will divide the students into flexible groupings and will distribute the Consolidation Prompts to students. In their flexible groupings, the students will discuss the questions and add their answers to sticky notes. After giving students the necessary time to discuss the consolidation questions, the teacher will ask students to place their sticky notes under the appropriate consolidation prompts posted around the classroom. The teacher will circulate to each of the prompts and read some of the responses that the students shared in order to generate further discussion and help consolidate students' understanding.

Teacher prompt: “Let’s take a look at the consolidation questions that you discussed in a group. The first question asked you to analyze the interest rates and the total costs associated with the purchase of the TV. What can you conclude? What are some concerns Dakota’s brother might have? ”

Possible student responses may include:

• “I can conclude that interest rates make purchases much more expensive”.

• “I can conclude that low-interest credit cards are better than high interest credit cards and rent-to-own purchases”.

• “I can conclude that rent-to-own makes the TV cost way more than it should.”

• “I can conclude that I should save up my money instead of buying a TV right away.”

• “If you don’t make the payments on a high-interest credit card, you are going to pay a lot more for your purchases.”

• “With rent-to-own, it will end up costing a lot of money.”

• “With rent-to-own, the item might break before he pays it off.”

• “With rent-to-own, there isn’t enough information about how much interest he is actually paying.”

Teacher prompt: “Why might Rent-to-own be so popular?”

Possible student responses might include:

• “You can purchase expensive items without having the full amount.”

• “You get the item you want right away.”

• “The way it is set up tricks the buyer or purchaser into thinking they are getting a great deal.”

Following the group consolidation period, the teacher will distribute the Exit Ticket to be completed individually. As a virtual option, the teacher can share the document with their students to fill out using an online word processing application/program.

Opportunity for Assessment

Assessment of Learning: This activity provides an opportunity to gather evidence through production. Students will submit their exit ticket and teachers can evaluate their understanding of methods of payment and interest rates.

This Google Jamboard could also be used as an alternative option for the exit ticket.

Based on the needs of all learners, any one or more of the following can be used as next steps for students and drawn out, accordingly, over time.

1. Teachers might choose to have students use the data they found to create a bar graph to represent the amounts spent on interest. This could be done in groups or individually (leading to another Opportunity for Assessment).

2. Based on the students’ interest and knowledge, teachers might choose to discuss cryptocurrencies in further detail.

3. Based on the students’ interest and knowledge, teachers might choose to discuss interest rates and fees related to purchases.

Teachers might find time between lessons to refer to the exit tickets students completed in order to further elicit student thinking and foster conversation (leading to another Opportunity for Assessment).