Standard #: SS.912.FL.5.1


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Analyze the ways that consumers can compare the cost of credit by using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments.


Clarifications


Clarification 1: Instruction includes the use of APR, initial fees, late fees, nonpayment fees, and other relevant information to compare the cost of credit from various sources for the purchase of a product.

Related Courses

Course Number1111 Course Title222
2102300: Economics and Personal Finance (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102305: Economics and Personal Finance Honors (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102371: Personal Finance and Money Management (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102373: Personal Finance and Money Management Honors (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102306: Economics and Personal Finance for Credit Recovery (Specifically in versions: 2024 and beyond (current))
2102375: Personal Finance and Money Management for Credit Recovery (Specifically in versions: 2024 and beyond (current))


Related Resources

Lesson Plan

Name Description
My first credit card!

In this Model Eliciting Activity, MEA, students use compare and analyze various features of credit cards to choose the best one for a college student. As part of their analysis, students will create step functions to model the interest charged and visually compare interest costs associated with each credit card.

Model Eliciting Activities, MEAs, are open-ended, interdisciplinary problem-solving activities that are meant to reveal students’ thinking about the concepts embedded in realistic situations. MEAs resemble engineering problems and encourage students to create solutions in the form of mathematical and scientific models. Students work in teams to apply their knowledge of science and mathematics to solve an open-ended problem while considering constraints and tradeoffs. Students integrate their ELA skills into MEAs as they are asked to clearly document their thought processes. MEAs follow a problem-based, student-centered approach to learning, where students are encouraged to grapple with the problem while the teacher acts as a facilitator. To learn more about MEAs visit: https://www.cpalms.org/cpalms/mea.aspx

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