Page 83 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

B. SAVING,INVESTING,AND BORROWING
OVERALL EXPECTATIONS
By the end of this course, students will:
1. describe and compare services available from financial institutions;
2. demonstrate an understanding of simple and compound interest, and solve problems involving
related applications;
3. interpret information about different ways of borrowing and their associated costs, and make and justify informed borrowing decisions.
SPECIFIC EXPECTATIONS
1. Comparing Financial Services
By the end of this course, students will:
1.1 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 withdrawal 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)
1.2 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
Sample problem: Examine a credit card statement and a bank statement for one individual, and comment on the individual’s financial situation.
2. Saving and Investing
By the end of this course, students will:
2.1 determine, through investigation using tech- nology (e.g., calculator, spreadsheet), the effect on simple interest of changes in the principal, interest rate, or time, and solve problems involving applications of simple interest
2.2 determine, through investigation using technology, the compound interest for a given investment, using repeated calculations of simple interest for no more than 6 compound- ing periods
Sample problem: Someone deposits $5000 at 4% interest per annum, compounded semi- annually. How much interest accumulates in
SAVING, INVESTING, AND BORROWING
1.3 read and interpret transaction codes and 3 years?
entries from various financial statements (e.g., bank statement, credit card statement, passbook, automated banking machine printout, online banking statement, account activity report), and explain ways of using the information to manage personal finances
2.3 describe the relationship between simple interest and compound interest in various ways (i.e., orally, in writing, using tables and graphs)
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Mathematics for Work and Everyday Life
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