Lesson+2+Outline

(Lesson used in a 1-1 classroom)

[|__http://education-portal.com/academy/lesson/what-is-an-exponential-function.html__] Use “Clicker” to have students vote on the answers quickly for the “quiz” afterwards as a class.
 * Bell Ringer: **

** They See Me Rollin’ **
 * Project Based Learning Description **

Everyone has a new car that they would love to have. There are many things to know when purchasing a car. This project will show you the breakdown of what ACTUALLY goes into buying a car and will hopefully prevent you from getting ripped off. :) 1. Find your perfect car online and the purchase price. (You can check on the makers website -- like www.honda.com – or you can check Kelley Blue Book [|__www.kbb.com__] )

2. After finding the purchase price of your car, you will often find that your loan amount will be much greater than that. They have things like registration fees, tax, doc fees, etc. According to Edmunds.com, North Carolina car dealers cannot charge more than 3% on new car tax fees. So add 3% to your purchase. The average registration fee is $50. Sadly, in North Carolina there is no maximum documentation fee and so this is where dealer’s can really make their money. Let’s say you get a good deal on this and you only have to pay $150. What is your new total after all of the fees and tax? This will be your principle amount for your loan. 3. Now you have to think about your financing options. For each of the following options, you need to calculate the total amount you would pay at the end of your contract, as well as your monthly payments. Also, assume that your interest compounds continuously (because it probably will). Compounding continuously means we are going to use the Pe rt formula. a. 36 months at 3.25% b. 42 months at 3.75% c. 48 months at 4.25% d. 54 months at 5% e. 60 months at 6.25% f. 72 months at 7% g. 84 months at 7.25% 4. Make a table that shows the number of months, number of years, interest rate, total amount, monthly payments, and total interest paid. This is an example of what you column headers should look like for your table.
 * Number of months || Number of years || Interest rate % || Total amount paid || Monthly payments || Total interest paid ||

5. Pick one of the options and explain why you chose the option you did. Keep in mind the monthly payments. In general, car buyers have to focus on what they know they can pay on a monthly basis versus how much they will pay at the end of their contract. For example, I might be able to only afford $500 a month on my car even though that means I will be paying for 3 more years and $10,000 more. 6. Then you must organize all of this information into a short presentation. This presentation can be anything you chose, though there will be points for creativity. You can use, but are not limited to: iMovie, Glogster, Animoto, Flash, Prezi, creating your own website. 7. Lastly, I want you to write a reflection. Tell me what you learned from this project. There are guiding questions for your REFLECTION below. Remember that guiding questions are there to help you write your paper. It __does not mean__ you have to answer every question perfectly. This reflection should be one and half pages, double-spaced, 1” margins, Times New Roman, 12-point font. Please do not try to fool me with crazy half-page headers. There must be a page and a half of content. __Guiding Questions for Reflection__ - What did you learn from this project? - How does total amount paid change with the different financing options? - Why does the monthly payment go down even though the interest rate goes up? - What are you going to keep in mind when buying a new car? - What are some of the most important things to look to when buying a new car? - Keep in mind that when you drive a new car off of a car lot, you approximately lose $5,000 – simply because it is no longer a new car. - What are your thoughts on buying a car?

Project Rubric
Did you complete all aspects of the project? Pick the car, find the information, pick a financing option, create a presentation, etc. ||   ||   || Is the math correct in your presentation? Did you calculate everything that wasasked of you? ||  ||   ||  Did you add things to enhance your project? Did you take the easy way out or did you take sufficient time and effort to complete this project? ||  ||   ||  Was your reflection 1.5 page, DS, TNR, 12 pt font? Was your reflection thoughtful and reflective on the project and what you learned? ||  ||   ||
 * || Comments  ||  Grade  ||
 * __Completion__
 * __Accuracy__
 * __Creativity__
 * __Reflection__