Page 74 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

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2. Comparing Financial Services 3. Owning and Operating a Vehicle
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Mathematics
By the end of this course, students will:
2.1 gather, interpret, and compare information about the various savings alternatives com- monly available from financial institutions (e.g., savings and chequing accounts, term investments), the related costs (e.g., cost of cheques, monthly statement fees, early with- drawal penalties), and possible ways of reducing the costs (e.g., maintaining a minimum balance in a savings account; paying a monthly flat fee for a package
of services)
2.2 gather and interpret information about invest- ment alternatives (e.g., stocks, mutual funds, real estate, GICs, savings accounts), and com- pare the alternatives by considering the risk and the rate of return
2.3 gather, interpret, and compare information about the costs (e.g., user fees, annual fees, service charges, interest charges on overdue balances) and incentives (e.g., loyalty rewards; philanthropic incentives, such as support for Olympic athletes or a Red Cross disaster relief fund) associated with various credit cards and debit cards
2.4 gather, interpret, and compare information about current credit card interest rates and regulations, and determine, through investi- gation using technology, the effects of delayed payments on a credit card balance
2.5 solve problems involving applications of the compound interest formula to determine the cost of making a purchase on credit
Sample problem: Using information gathered about the interest rates and regulations for two different credit cards, compare the costs of purchasing a $1500 computer with each card if the full amount is paid 55 days later.
By the end of this course, students will:
3.1 gather and interpret information about the procedures and costs involved in insuring a vehicle (e.g., car, motorcycle, snowmobile) and the factors affecting insurance rates (e.g., gender, age, driving record, model of vehicle, use of vehicle), and compare the insurance costs for different categories of drivers and for different vehicles
Sample problem: Use automobile insurance websites to investigate the degree to which the type of car and the age and gender of the driver affect insurance rates.
3.2 gather, interpret, and compare information about the procedures and costs (e.g., monthly payments, insurance, depreciation, mainte- nance, miscellaneous expenses) involved in buying or leasing a new vehicle or buying a used vehicle
Sample problem: Compare the costs of buying a new car, leasing the same car, and buying an older model of the same car.
3.3 solve problems, using technology (e.g., calcu- lator, spreadsheet), that involve the fixed costs (e.g., licence fee, insurance) and variable costs (e.g., maintenance, fuel) of owning and oper- ating a vehicle
Sample problem: The rate at which a car con- sumes gasoline depends on the speed of the car. Use a given graph of gasoline consump- tion, in litres per 100 km, versus speed, in kilometres per hour, to determine how much gasoline is used to drive 500 km at speeds of 80 km/h, 100 km/h, and 120 km/h. Use the current price of gasoline to calculate the cost of driving 500 km at each of these speeds.
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