# Math 8.1: Mathematical Process Standards

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1 Lesson Description Texas Essential Knowledge and Skills (Target standards) Texas Essential Knowledge and Skills (Prerequisite standards) National Standards (Supporting standards) CEE Council for Economic Education In this lesson, students will investigate the four most frequently used methods of payment: debit cards, credit cards, online banking and cash. Students will learn the advantages and disadvantages of methods of payment via story reading for three of the methods. Students will draw from their experiences as well as other students experiences about using cash. PFL Math 8.12E identify and explain the advantages and disadvantages of different payment methods Math 8.1: Mathematical Process Standards CEE 8.4: People choose from a variety of payment methods in order to buy goods and services. CEE 8.4: People often make a cash payment to the seller of a good called a down payment in order to reduce the amount they need to borrow. Lenders may consider loans made with a down payment to have less risk because the down payment gives the borrower some equity or ownership right away. As a result, these loans may carry a lower interest rate. PFL Terms Credit card ATM or Debit card Online banking Bank transaction Withdraw Deposit Overdraft fee Insufficient funds Time Required One 45 minute class Materials Required A copy of Activity for each group of 3 A copy of Visual and A copy of Activity for each student Scissors Tape 2 blank sheets of paper per student 4 5 pencil colors for each group of students A sheet of chart paper for each group 4 markers for each group Page 1

7 Activity Directions: Cut cards apart. Match numbered card with the correct method of payment. ATM or Debit Card Online Banking 1: On the 25 th of every month, Tamesha pays her rent by writing the amount on a small official preprinted note that contains information about a checking account. She puts this note in an envelope and drops it off at the post office. 2: Inga goes to the store to buy groceries. To pay for the groceries, she slides her card through a card reader and enters a special code. Credit Card 3: On the 30 th of every month, Maribel pays her rent by first driving to bank to make a withdrawal and then driving to the real estate agency to make the payment. Check 4: It s time for Binh to get the oil changed in his car. The payment for the oil change shows up on his monthly bill for the card. Cash 5: On the 28 th of every month, Blake pays his rent by logging on to the computer. He goes to his bank s website and enters his password for access. Then, he types in the needed information to make the payment. Page 7

8 Visual Methods of Payment Credit Card A credit card is a small plastic card issued by a financial company. This card has a magnetic strip on the back. When the card is swiped through a card reader, the owner of the card is borrowing money from the financial company to make the payment. Here s what happens when the card is swiped: The amount of the purchase is transferred from the financial company who issued the credit card to the store s account. The owner of the credit card will pay for all purchases charged to the card soon after the bill or statement arrives. Purchases using a credit card can also be made on the Internet. Inputting the credit card information allows the credit card holder to borrow money from the credit card company to make the purchase. ATM or Debit Card An ATM or debit card is a small plastic card issued by a financial institution. This card has a magnetic strip on the back. The card is swiped through a card reader and a Personal Identification Number (PIN) is entered. This process will allow for the owner of the card to make a payment or withdraw funds. The money is immediately transferred from the owner s checking account. Online Banking An electronic payment is a process of using the Internet to make a payment. This process requires that the account owner input secure information via the Internet. Accessing his or her bank account to make a payment means that the money will be transferred out of the account for payment. Page 8

9 Visual Steps to Create an Interactive Notebook Materials: 2 sheets of paper and a pair of scissors. 1. Stack two sheets of blank paper together and fold along the shortest line of symmetry. 2. Open one sheet of paper. Cut two 1 inch slits along the outer edge of the folded line as shown below. slit Folded line slit 3. Keep the second sheet folded. Using a pair of scissors, trim the fold starting 1 inch from the top and end 1 inch from the bottom. When the page is open, there will be a slit down the middle as shown below. Trim this section of fold inner slit Second page when folded Second page when opened 4. Open the first page with the outer slits. Roll this page around its longest line of symmetry. Slide rolled page through the slit of the second page. When the rolled paper is inserted halfway through the slit, open the page. The outer slits will be aligned with the fold of the second page to create a booklet. Page 9

10 Activity My Credit Card Story I was so excited when I got my first credit card. I no longer had to carry that bulky check book. Using a credit card was so easy. All I had to do was swipe it and I could buy anything I wanted. The best feature is the rewards program. For every \$1000 I charge to the card, I get one \$25 gift card to the restaurant of my choice. Then I received my first statement. I knew that the maximum I could charge was \$500, but how did I already get so close to this amount? I owe \$ To make matters worse, the credit card company included my annual fee of \$35 in this bill. There was no way I could pay this bill. After paying my rent, cell phone, and utilities, I only had \$ remaining in my account. I needed at least \$100 for food. Therefore, I could only make a payment of \$115 to the credit card company. The next month, I only used my card once. Bruno, my dog, got very ill. The vet bill was \$200. Since I did not have \$200 in cash nor in my checking account, I decided to charge this bill to my credit card. When I received my next bill, I was shocked. This bill was for \$ First, I noticed there was a late fee for \$40. I guess I should have looked more carefully for the due date. Then I noticed that the credit card company charged me \$94.28 in interest. My mother warned me that credit cards have high interest rates. It took me 7 months to pay off this debt. I paid \$ in interest and fees in addition to the amount I owed. Page 10

11 My Debit Card Story When I was 18, I enrolled at the local junior college and got a part time job. After I received my first paycheck, my employer encouraged me to get a checking account so that I would have automatic deposit. This means that as soon as my paycheck was ready, the money would be transferred to my account. I used my first paycheck to open a checking account at a bank near my place of employment. Once I opened my checking account, the clerk gave me an option of getting a check book, debit card or both. I chose to get a debit card, because it was so easy to use. But there was a price to pay for this convenience. I had to pay a \$5 monthly fee. The clerk explained that I still needed a check register to track my withdrawals and deposits. He explained that a withdrawal was any action that transferred money out of my account such as a purchase using my debit card. A deposit is the action of putting money into my account. The clerk offered me overdraft protection. If I accepted overdraft protection, it would cover any purchases I make even if I don t have the funds to cover it. With this feature, I would be charged a \$30 overdraft fee for each time I have insufficient funds to cover a purchase. Without overdraft protection, my card would be declined each time I have insufficient funds to cover a purchase. I choose to not have overdraft protection with my debit card. He also asked me to create a Personal Identification Number (PIN) that only I would know. When I withdraw cash or use the card for a purchase, I enter this PIN. This will protect me if someone steals my card and tries to withdraw cash or make a purchase. The first week I had the card, I used it to make all my purchases. I took my girlfriend to a coffee shop to buy a drink. We each ordered a coffee. I slid my card through the card reader and entered my PIN. Denied, exclaimed the clerk. Oh this is awkward, I thought to myself. I asked my girlfriend to wait for me while I went to the nearest ATM. Panic hit me when the ATM also denied me cash. My last resort was to call my mom and ask her to bring me enough money to cover the purchase. I guess from now on, I will use my check register to keep track of withdrawals and purchases. Page 11

12 My Online Banking Story Having online banking saves me lots of valuable time. When I m ready to pay my monthly bills, I simply log on to my bank s website by entering my account number, a password, and a security code. Then I select the bills that are due. I enter the amount I want to pay for each and the date that I want each bill paid. Not only do I save valuable time, but I save the cost of stamps, envelopes and the gas driving to the post office. At my bank, the standard overdraft practice for online banking includes overdraft protection. This means that if I pay a bill online and do not have sufficient funds, I will be charged \$25 for each transaction. Last week, I was reviewing my checking account balance online. I saw that I had \$100 remaining in my account, so I decided to withdraw cash and go eat with my friends. The next day, I received an notice that I was overdrawn on my account. This meant that I spent more than my balance. I quickly logged onto my account to investigate the matter. I noticed that my Internet bill was paid that morning. I forgot to record this payment on my check register. This resulted in an overdraft fee of \$20. One day, I was at a coffee shop surfing the web. I found the perfect backpack. Since there was only one left, I decided to make an online purchase. To do this, I had to enter my bank s routing number and my bank account number. Two days later, I checked my account. There were multiple purchases that I did not recognize. I soon realized that someone stole my account information. It must have been when I used the unsecure Internet at the coffee shop. I immediately called my bank to inform them of the fraud. The bank froze all payments. They helped me set up a new account and a new password. I lost over \$300 due to my carelessness, but it could have been worse. Page 12

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