Lesson Structure

Each lesson will follow a similar structure - see diagram above.

Following a similar structure is important for:

• Classroom Management
• Moving toward a well-rounded, rich educational experience

All lesson activities are done in either pairs, groups or as a class for accountability and support.

Solve problems involving earning money

Lesson One

Syllabus Dot-Points:

> Calculate earnings from wages for various time periods, given an hourly rate of pay, including penalty rates for overtime and special rates for Sundays and public holidays.

• Use classifieds and online advertisements to compare pay rates and conditions for different positions (Problem Solving)
• Read and interpret examples of pay slips (Communicating)

Lesson Two

Syllabus Dot-Points:

> Calculate earnings from non-wage sources, including commission and piecework

> Calculate leave loading as 17.5% of normal pay for up to four weeks

• Research the reasons for inclusion of leave loading provisions in many awards (Reasoning)

Lesson Three

Syllabus Dot-Points:

> Calculate weekly, fortnightly, monthly and yearly earnings

> Use published tables or online calculators to determine the weekly, fortnightly or monthly tax to be deducted from a worker's pay under the Australian 'pay-as-you-go' (PAYG) taxation system

Lesson Four

Syllabus Dot-Points:

> Determine annual taxable income by subtracting allowable deductions and use current tax rates to calculate the amount of tax payable for the financial year

• Determine a worker's tax refund or liability by comparing the tax payable for a financial year with the tax already paid under the Australian PAYG system (Problem Solving)

Lesson Five - Word Problems

Syllabus Dot-Points:

> Calculate net earnings after deductions and taxation are taken into account

Solve problems involving simple interest

Lesson Six

Syllabus Dot-Points:

> Calculate simple interest using the formula I=PRN where I is the interest, P is the principal, R is the interest rate per time period (expressed as a fraction or decimal) and N is the number of time periods

• Apply the simple interest formula to solve problems related to investing money at simple interest rates
• Find the total value of a simple interest investment after a given time period (Problem Solving)
• Calculate the principal or time needed to earn a particular amount of interest, given the simple interest rate (Problem Solving)

Lesson Seven

Syllabus Dot-Points:

> Calculate the cost of buying expensive items by paying an initial deposit and making regular repayments that include simple interest

• Investigate fees and charges related to 'buy today, no more to pay until …' promotions (Problem Solving)
• Compare the total cost of buying on terms to paying by cash (Problem Solving)
• Recognise that repossession does not remove financial debt (Reasoning)

Connect the compound interest formula to repeated applications of simple interest using appropriate digital technologies

Lesson Eight

Syllabus Dot-Points:

> Calculate compound interest for two or three years using repetition of the formula for simple interest

• Connect the calculation of the total value of a compound interest investment to repeated multiplication using a calculator, eg a rate of 5% per annum leads to repeated multiplication by 1.05 (Communicating)
• Compare simple interest with compound interest in practical situations, eg to determine the most beneficial investment or loan (Communicating, Reasoning)
• Compare simple interest with compound interest on an investment over various time periods using tables, graphs or spreadsheets (Communicating, Reasoning)