Activity 4: Nik's plan (Maths)
1. PLAY the video segment
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In the video, Tye is short of money and he says he will use Nik's kitty money.
Later, Tye had his credit card cancelled because he could not make the repayments. |
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In the video, Nik owned a gold station wagon that he had named Jess. Unfortunately, the car was repossessed because there was money owing on it. Nik has also had his credit card cancelled and is slowly paying off his credit card bill. The amount to pay is $2445.00. This means he will have to save money to pay for any extras in cash.
Nik is working as a junior accountant and earns $950.00 per fortnight after tax.
He decides he needs to buy a scooter until he can afford another car. He has checked quite a few shops and the new scooter will cost him $887.00.
Nik is wary of getting himself into more debt and prepares a budget. This will make him save the money rather than use credit. Nik sets out his expenses for the week as:
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Rent |
$80 |
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Food |
$55 |
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Fares |
$25 |
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Car loan (he still owes money on his car) |
$45 |
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Credit card |
$75 |
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Entertainment |
$50 |
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Bills |
$20 |
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Misc |
$30 |
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TOTAL |
$?? |
2. ADD Nik's expenses and find the total for the week.
3. ANSWER the following questions:
a. How much is Nik able to save each week to put toward the new scooter?
b. How many weeks will it take for Nik to pay for the new scooter in cash if he sticks to his budget?
4. DISCUSS : If you were Nik, what would you do in this situation? Would you pay off the credit card before saving for a scooter?
This activity can be found in the NSW Money Stuff Teacher resource book – Mathematics page 11.
Explore additional learning activities (which include extension and revision tasks) in the print resources section under Print resources - Victoria.
Linked Learning Outcomes - NSW
Theme 6: Mathematics in the Community
Learning Outcomes:
1. The student chooses and sequences arithmetic operations to solve problems.
2. The student selects and uses appropriate mental written or calculator techniques to perform a variety of operations involving fractions, decimals, percentages and positive integers.
Learning Outcomes – Victoria
Victorian Essential Learning Standards (VELS) Discipline-based learning
Domain: Maths
Dimension: Number, Space, Measurement, Chance and data, Structure and Working Mathematically
Level 5
Students use efficient mental and/or written methods for arithmetic computation involving rational numbers, including division of integers by two-digit divisors.
Students formulate conjectures and follow simple mathematical deductions.
Level 6
Students carry out arithmetic computations involving natural numbers, integers and finite decimals using mental and/or written algorithms.
Students choose, use and develop mathematical models and procedures to investigate and solve problems set in a wide range of practical, theoretical and historical contexts.
Learning Outcomes - Western Australia
(Maths)
WM 4.5 Checks working and reasoning and whether answers fit specifications and makes sense in the original situation.