Page 143 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

payable monthly. Use a given amortization table to compare the interest paid in the first year of the mortgage with the interest paid in the 25th year.
1.7 generate an amortization table for a mortgage, using a variety of tools and strategies (e.g., input data into an online mortgage calculator; determine the payments using the TVM Solver on a graphing calculator and generate the amortization table using a spreadsheet), calculate the total interest paid over the life
of a mortgage, and compare the total interest with the original principal of the mortgage
1.8 determine, through investigation using tech- nology (e.g., TVM Solver, online tools, finan- cial software), the effects of varying payment periods, regular payments, and interest rates on the length of time needed to pay off a mortgage and on the total interest paid
Sample problem: Calculate the interest saved on a $100 000 mortgage with monthly pay- ments, at 6% per annum compounded semi- annually, when it is amortized over 20 years instead of 25 years.
2. Renting or Owning Accommodation
By the end of this course, students will:
2.1 gather and interpret information about the procedures and costs involved in owning and in renting accommodation (e.g., apartment, condominium, townhouse, detached home) in the local community
2.2 compare renting accommodation with owning accommodation by describing the advantages and disadvantages of each
2.3 solve problems, using technology (e.g., calcu- lator, spreadsheet), that involve the fixed costs (e.g., mortgage, insurance, property tax) and variable costs (e.g., maintenance, utilities) of owning or renting accommodation
Sample problem: Calculate the total of the fixed and variable monthly costs that are associated with owning a detached house but that are usually included in the rent for rental accommodation.
3. Designing Budgets
By the end of this course, students will::
3.1 gather, interpret, and describe information about living costs, and estimate the living costs of different households (e.g., a family of four, including two young children; a single young person; a single parent with one child) in the local community
3.2 design and present a savings plan to facilitate the achievement of a long-term goal (e.g., attending college, purchasing a car, renting or purchasing a house)
3.3 design, explain, and justify a monthly budget suitable for an individual or family described in a given case study that provides the spe- cifics of the situation (e.g., income; personal responsibilities; costs such as utilities, food, rent/mortgage, entertainment, transportation, charitable contributions; long-term savings goals), with technology (e.g., using spread- sheets, budgeting software, online tools)
and without technology (e.g., using budget templates)
3.4 identify and describe the factors to be consi- dered in determining the affordability of accommodation in the local community (e.g., income, long-term savings, number of depen- dants, non-discretionary expenses), and con- sider the affordability of accommodation under given circumstances
Sample problem: Determine, through investi- gation, if it is possible to change from renting to owning accommodation in your communi- ty in five years if you currently earn $30 000 per year, pay $900 per month in rent, and have savings of $20 000.
3.5 make adjustments to a budget to accommo- date changes in circumstances (e.g., loss of hours at work, change of job, change in per- sonal responsibilities, move to new accom- modation, achievement of a long-term goal, major purchase), with technology (e.g., spreadsheet template, budgeting software)
3.6 gather, interpret, and describe information about applications of the mathematics of per- sonal finance in occupations (e.g., selling real estate, bookkeeping, managing a restaurant, financial planning, mortgage brokering), and about college programs that explore these applications
PERSONAL FINANCE
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Foundations for College Mathematics
MAP4C