Florida B.E.S.T. MA.912.FL.3.8
The Standard
Calculate using spreadsheets and other technology the total cost of purchasing consumer durables over time given different monthly payments, down payments, financing options and fees.
Florida B.E.S.T. Standards for Mathematics
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students calculate the full cost of a durable item across different financing plans. They use spreadsheets or calculators to include monthly payments, payment length, down payments, and fees.
What Mastery Looks Like
- Students enter payment amounts, number of payments, down payments, and fees into a spreadsheet using correct formulas. They compare financing offers and explain which costs less overall.
Common Misconceptions
- Students may treat the monthly payment as the total cost or forget to include the down payment and fees. They may also assume the lowest monthly payment is the cheapest option without checking the number of payments.
How to Assess It
- Exit ticket: A laptop requires $300 down, 24 payments of $55, and a $75 fee. Find the total cost and compare it with a $1,450 cash price.
Lesson moves
Ways to Teach It
Give pairs three financing offer cards and have them build a spreadsheet that calculates and ranks each total purchase cost.
Ask students to explain why a lower monthly payment can result in a higher total cost, using numbers from two sample offers.
Run a financing match game where students pair monthly payments, terms, and fees with the correct total costs.
Have students compare current cash and financing prices for an appliance, phone, or car using a retailer advertisement.
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