Many young people choose to buy their own homes, rather than rent them. Most will have to take out a home mortgage in order to fulfill this dream. If they plan to buy a home in the future, they will need to think about: How much does it cost per month to pay back a home loan? How do the period of time for the loan and the rate of interest affect the payments? How much does one actually pay for the house over the period of time for the loan?
Before the Activity
Setup your TI-Navigator™ System Make sure you are familiar with the following functions: Send to Class, Collect from Class, Screen Capture, Quick Poll and Activity Center
Your students will need a TI-83 Plus or TI-84 Plus graphing calculator, either working in pairs or individually
Download the attached activity resource files from all three sections to your computer
Multimedia Projector for sharing the Activity Center, Quick Polls and Screen Captures with your students
TI Keyboards for students to easily answer the LearningCheck assessment questions
During the Activity
Students will:Use USA TODAY to find interest rates for 30-year and 15-year loans
Express percentages in decimal notation
Use a spreadsheet to compute the monthly payment, total amount paid, and ratio of total amount paid to loan amount for a home mortgage
Distribute the Student Edition PDF file to your class
Follow the activity procedures outlined in the Teacher document
You may use the Graphic PDF file to display a large image of the USA TODAY graphic during the activity
After the Activity
Access your students' understanding by using Send to Class, LearningCheck™ App and Class Analysis.