Florida B.E.S.T. MA.912.FL.3.6
The Standard
Calculate the finance charges and total amount due on a bill using various forms of credit using estimation, spreadsheets and other technology.
Florida B.E.S.T. Standards for Mathematics
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students identify the cash price, amount financed, interest, fees, payment amount, and payment term in a credit offer. They estimate borrowing costs, then use formulas, calculators, or spreadsheets to find the final cost. They compare short-term and long-term options by payment size and overall cost.
What Mastery Looks Like
- A student can set up a spreadsheet that separates principal, interest, and fees and checks the result with an estimate. The student finds borrowing costs for credit cards, installment plans, and deferred-payment offers. The student can explain why a lower monthly payment may produce a higher final cost.
Common Misconceptions
- Students often treat the monthly payment as the finance charge or confuse APR with a dollar amount. They may apply the annual rate each month, enter 18% as 18 in a spreadsheet, or ignore fees. Some assume the longest term is cheapest because its monthly payment is lower.
How to Assess It
- Exit ticket: A laptop costs $900 cash, or $75 down plus 12 monthly payments of $78. Estimate the final cost, then use a calculator or spreadsheet to find the total paid and finance charge.
Lesson moves
Ways to Teach It
Give pairs three printed credit offers and calculators, then have them build a table showing down payment, financed amount, fees, and final cost.
Ask students to write which plan they would choose for a $1,200 phone and defend the choice using payment and total cost.
Run a card match where students pair cash prices, payment schedules, finance charges, and total costs, then check each set with formulas.
Use a current furniture advertisement to compare cash, six-month, and twenty-four-month options, including every listed fee and missed-payment condition.
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