MNU 3-09a 9-Dec-15Created by Mr. Lafferty Maths Dept. Money Foreign Exchange Best Buys Best Service Credit and Debit Cards Best Contract

MNU 3-09a

21 Apr 202321 Apr 2023 Created by Mr. Lafferty Maths Dept.Created by Mr. Lafferty Maths Dept.

MoneyMoney

Foreign Exchange

Best Buys

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Best Service

Credit and Debit Cards

Best Contract

MNU 3-09a


Starter QuestionsStarter Questionsw

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Write down as many equations as you can

e.g. a + b = 11

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21 Apr 202321 Apr 2023 Created by Mr.Lafferty Maths DeptCreated by Mr.Lafferty Maths Deptww

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2.2. Convert £’s to another Convert £’s to another currency and vice versa.currency and vice versa.

1. We are learning how to convert £’s to another currency and vice versa.

1.1. Understand the term Understand the term exchange rate and the exchange rate and the proportion method.proportion method.

Foreign CurrencyForeign CurrencyConverting to another currency

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Foreign Currency

Up until 1st January 2002, all the countries in Europe had their own type of money (currency).

The euro was introduced and the other currencies were no longer accepted.

Britain still uses the pound (£) and when you go to Europe on holiday you have to change your pounds to euros.

A euro is divided into 100 parts and each part is called a cent

Converting to another currency

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Foreign Currency

Euro €

Dollar $

1.44

1.51

Yen 190

Exchange rate £1=Example : How many euros will I get for £100.


Proportion method£ €

1 1.44 100

Are we expecting more or

less

(more) 44.1

1

100144

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Level 2Foreign Currency

Euro €

Dollar $

1.44

1.51

Yen 190

Exchange rate £1 =Example : How many Dollars will I get for £50.


Proportion method£ $

1 1.51 50


less

(more) 51.1

1

5050.75$

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Foreign Currency

Euro €

Dollar $

1.44

1.51

Yen 190

Exchange rate £1 =Example : A iPod costs £300 inScotland and 420 € in Spain. Which is the better buy ?

Should buy in Spain and save 12 €


Proportion method£ €

1 1.44 300


less

(more) 44.1

1

300432

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Foreign Currency

Euro €

Dollar $

1.44

1.51

Yen 190

Exchange rate £1=Example : How many £’s will

I get for 20 € .

Converting back to £’s

Proportion method € £1.44 1

20


less

(more) 1

44.1

20 89.13£

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Foreign Currency

Euro €

Dollar $

1.44

1.50

Yen 190

Exchange rate £1 =Example : A business man returns from America with $450. He converts them back to £’s.How much will he get back ?

Converting back to £’s

Proportion method $ £1.50 1

450


less

(more) 1

5.1

450 300£

MNU 3-09a


Now try TJ3bEx 1

Ch2 (page 13)

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MoneyMoney

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divide to give 3. Find the two numbers.

2. Two numbers subtract to give 5 and

multiply to 24. Find the two numbers.

3. Make your own question up.

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21 Apr 202321 Apr 2023 Created by Mr. Lafferty Maths Dept.Created by Mr. Lafferty Maths Dept.ww

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1.1. De able to compare De able to compare deals by finding the cost deals by finding the cost per unit.per unit.

1. We are learning to calculate the best deal for everyday items.

Best Deal Money Management

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Deal 1 - Proportion method g £

350 10.50 1


less

(less) 110 50

350. 0 03£ .


Deal 1 Deal 2

350g 250g

£10.50 £10.00

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.com Ex : What is the best deal for Soap Powder ?

Deal 2 - Proportion method g £

250 10.00 1


less

(less) 110 00

250. 0 04£ .


Deal 1 Deal 2

350g 250g

£10.50 £10.00

Deal 1 is Bestonly 3p per gram

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Deal 2 - Proportion method l £

60 65.40 1


less

(less) 165 40

60. 1 09£ .


Deal 1 Deal 2

60 litres 38 litres

£65.40 £40.66

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Deal 2 - Proportion method l £

38 40.66 1


less

(less) 140 66

38. 1 07£ .


Deal 1 Deal 2

60 litres 38 litres

£65.40 £40.66

Deal 2 is Best£1.07 per litre

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.com Ex : What is the best deal for tennis balls ?

Deal 1 - Proportion method T £

10 5.40 1


less

(less) 15 40

10. 0 54£ .


Deal 1 Deal 2 Deal 3

10 balls

15 balls

48 balls

£5.40 £7.50 £24.48

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15 7.50 1


less

(less) 17 50

15. 0 50£ .



10 balls

15 balls

48 balls

£5.40 £7.50 £24.48

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48 24.48 1


less

(less) 124 48

48. 0 51£ .



10 balls

15 balls

48 balls

£5.40 £7.50 £24.48

Deal 2 is Best£0.51 per ball

MNU 3-09a


Now try TJ3bEx 2

Ch2 (page 15)

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MNU 3-09a



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1. (-5) - (-6) + 11

2. Calculate 15% of 60

3. What is the perimeter and area

of a square with length 4cm.

4. Find the value of x

3x - 9 = 27

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1.1. Be able to compare Be able to compare deals by calculating deals by calculating over cost.over cost.

1. We are learning to calculate the best deal for service items.

Best Deal Service

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electrician , joiner , plumber etc.........

Best Deal Service

No Power

Broken front door

Burst Pipe

These types of jobs work for the Service Industry.

They serve the general public.

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The cost of work carried out by these professionsare broken into two parts:

Best Deal Service

Call out charge : To come out to investigate problem

Hourly rate : Cost per hour worked to completejob.

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I have a bust pipe in by house. I get two quotesto fix the problem. The job should take 3 hours to fix.

Best Deal Service

Mr Fix -It Easy-job

Call-out Charge

£30 £70

Hourly -rate £32 £20

Who should I pick ?

Mr Fix-It = 30 + 3 x 32 =

Easy-job = 70 + 3 x 20 =

BODMAS £126

£130Mr Fix-It

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Turns out that the job will take 5 hours.

Best Deal Service

Mr Fix -It Easy-job

Call-out Charge

£30 £70

Hourly -rate £32 £20

Who should I pick ?

Mr Fix-It = 30 + 5 x 32 =

Easy-job = 70 + 5 x 20 =

£190

£170 Easy-job

Electrician Job Rate

0 1 2 3 4 5 6 7 8 9 10 T

V

10

20

30

40

50

60

70

80

90

100

Cost

£Time

(hours)

The cost for hiring a electrician per hour is shown in graphical form.

(a) What is his call-out fee

(b) What is his hourly rate.

(c) What is the total cost for a 6 hours job. (0,30)

£30

Total C = 30 + 6 x 10 = £90

£10

MNU 3-09a


Now try TJ3bEx 3

Ch2 (page 17)

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Best Deal Service

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12. How many degrees in an

8

1. Simplfy the ratio 57 : 19

of a circle

3. I got $250 for £100. How much would I

get for £1.

4. Put in order, smallest first.

0.05, 0.21, 0.01, 0.026

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1.1. Understand and Understand and compare contract compare contract deals.deals.

1. We are learning about best contract deal.

Best Deal Rates & Contracts

2. 2. Be able to choose best Be able to choose best contract deal by contract deal by estimating usage.estimating usage.

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mobile phone, internet and TV provider


Can you name some Providers

Sky, BT, Virgin-Media

etc...

Contracts can be very confusing !

You can save ALOT of money if you do the maths.

Why ?

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I have just come back from a Holiday in Coney Island New York.I want to convert $500 back to £’s.


Exchange Rate

Rate-R-Us 0.85

Super-Rates 0.80

Who gives the best value and by

how much to nearest penny ?

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(Rate-R-Us) - Proportion method

$ £1.55 1

1


less

(more) 5001

1 55. 332 58£ .


Ex. Rate (per £)

Rate-R-Us 1.55

Super-Rates 1.50

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(Super-Rates) - Proportion method

$ £1.50 1

1


less

(more) 5001

1 50. 333 33£ .


Ex. Rate (per £)

Rate-R-Us 1.55

Super-Rates 1.50

Super-Ratesby £0.75

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Ethan wants to put some money into the bank.He has two options.He has £3000 to invest.


APR %

Bank of Mr Lafferty 3.5

Bank for Money 3

Who gives the best value and by how

much after one year ?

APR meansAnnual Percentage

Rate

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APR %

Bank of Mr Lafferty 3.5

Bank for Money 3

3.5100

x 3000 =£105 x 3000 = £90

Total in Bank £3105 Total in Bank £3090

Best Deal is Bank of Mr Lafferty by

£15

3100

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Provider Free minutes

Free Text

Internet Usage

Contract

months

Cost per

month

O4 120 300 Unlimited

12 £9

Talkie 180 500 Unlimited

24 £15

Blue 500 3000 Unlimited

18 £25

V-Mobile 100 5000 Unlimited

12 £30

Foney 1000 Unlimited

Unlimited

12 £40

Below is a typical set of contracts for a mobile phone

Tom uses very little calls or internet but

sends 10 texts a day.What tariff is best ?

Caitlin loves to be online, calls her friend 10 minutes per day and sends 80 texts a day.What tariff is best ?

Paul is always looking for the best deal. He uses 5 minutes per day on calls, 11 texts per day

and lots of online searches.

What tariff is best ?

MNU 3-09a


Now try TJ3bEx 4

Ch2 (page 19)

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Foreign Currency

MNU 3-09a



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60

Write down as many questions as you can

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1. We are learning about Credit & Debit Cards.

1. Understand the key differences between Debit and Credit Cards.

Credit & Debit Credit & Debit CardsCards

21 Apr 2023Created by Mr. Lafferty Maths

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Buying with with your money

Credit & Debit CardsThey look the same

But they work very

differently !

Buying with the banks money

Normally no charge% charge each month on burrowed money

Not insured for transactions online

Insured for transactions online

In pairs discuss the good and bad points of

each.

Very easy to get into serious debit

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Example : During one month, John owes £2000 on his Credit Card at an APR of 30%.

APR meansAnnual Percentage Rate

(a)Assuming he does not buy anything more with his credit card, how much will he owe the bank at the end of the month.

2.5100

x 2000 = £50 Total now owed = £2050

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(b) Assuming he does not buy anything during the restof the year with his credit card and does not pay anything off, how much will he owe the bank at end of the year.

30100

x 2000 = £600

Total now owed = £2600

True value nearer

£2689.78

Do you think this is

correct ?

OR 12 x 50 = £600

MNU 3-09a


Now try TJ3bEx 5

Ch2 (page 21)

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MoneyMoneyHave you updated

your Learning Log ?

Documents

MNU 3-09a 9-Dec-15Created by Mr. Lafferty Maths Dept. Money Foreign Exchange Best Buys Best Service Credit and Debit Cards Best Contract