Introduction
CAN I AFFORD IT?
In this rapidly growing generation, young adults need to know if it is financially safe to make a big decision at a young age. They need to know if they can afford to buy a home, rent an apartment or buy a car. In order to purchase something, young adults need to know if they can afford those things with the job they choose to have.
Students need to be aware that living alone and purchasing big things is not easy, and to live comfortably, they need to have a good job and work hard. In addition to this, students need to be aware of taxes, utilities, food and extra expenses they might encounter.
Task
Your job is to do some research and look for monthly expenses, prices for cars, houses or apartments and salaries for different careers you may choose to have using the websites provided to you. In the "Process" part of this project, you will find links that will help you complete the task. At the end you will decide, according to the job you pick, if you can afford the things you want to buy or if you have to settle for less.
Process
Here are some websites where you can find the prices for houses, apartments, cars, expenses and salaries.
Your job is to calculate the monthly payment of the house and the car you choose to buy or the apartment you choose to rent. In addition to this, you will find how much you would make according to the career you choose to follow. You will also calculate your monthly expenses, such as food, recreation and utilities. You will add all these monthly expenses and calculate what will be your total monthly payments. Then looking at your monthly salary, you will estimate if you can afford all these things, if you have to settle for less or if you won't be able to afford them at all.
Tips:
* Add a 10% tax on the things you buy. This is mandated by the city of Chicago.
* Add a 3% interest on the house and the car you buy. This depends on your credit and the promotions the financial institution you choose to get you loan with has. But we will just assume that your credit is OK.
* Use this website to find the average prices for utilities, expenses and recreations in Chicago. Pick the activities and charges that you most likely will do more often and add it to the items you chose to buy.
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+Sta…
* Use this website to find the salaries of different careers and to find out what is a living wage, poverty wage and minimum wage.
http://livingwage.mit.edu/places/1703114000
* Use the following links to find prices of homes, apartments and cars you will use for this project.
Homes:
http://www.zillow.com/homedetails/4023-N-Francisco-Ave-Chicago-IL-60618…
http://www.zillow.com/homedetails/5109-N-Kenton-Ave-Chicago-IL-60630/36…
Apartments:
http://www.zillow.com/homedetails/2251-W-Argyle-Street-FL-1ST-Chicago-I…
http://www.zillow.com/homedetails/2421-N-Oak-Park-Ave-APT-1F-Chicago-IL…
Cars:
http://www.nissanusa.com/cars/versa-sedan?next=header.vehicles.postcard…
http://automobiles.honda.com/accord-sedan/
Evaluation
|
Scoring Rubric – Unit Can I Afford It? |
Student:______________________________ Period:_____ |
|
Level |
Mathematical Language |
Mathematical Representations |
Logical Reasoning |
|
1 |
No attempt to use mathematical vocabulary (power, exponent, product, etc.), or mostly inaccurate use of vocabulary. |
No attempt to use mathematical representations (formulas, rules, expressions, etc.) in written explanation. |
No attempt to show logical connection between mathematical statements, or entirely irrelevant reasoning. |
|
2
(Developing skill) |
Mathematical vocabulary is mostly accurate, but errors do not prevent understanding. |
Attempts to connect mathematical representations to written explanation, but connection or notation is difficult to understand. |
Attempts to show logical connection between mathematical statements, but reasoning may be unclear or partially inaccurate. Overall argument is difficult to follow. |
|
3
(Solid understanding) |
Accurate and appropriate use of mathematical vocabulary. |
Appropriately connects representations to explanations. Representations clarify and improve written statements. |
Mathematical statements are well-connected by reasoning. Overall argument is clear, even if minor inaccuracies or omissions are present. |
|
4
(Exemplary) |
Accurate, appropriate, and fluid use of mathematical vocabulary. Mathematical statements are concise and “read well”. |
Uses representations flexibly to communicate ideas not directly stated in the problem. |
Overall argument is complete, concise, and accurate. |
Conclusion
Reflect on the process you had to go through to find out if you can afford to live comfortably.
These questions may guide your reflection:
* Did I know about the prices for each item?
* Did I know about taxes and interest rates?
* Did I know about the amount of money that goes into food, light, phone, gas, electricity, clothing, etc?
* What are some the things that surprised you?
* What are the things you want to have in the future?
* What career do you need, or what salary do you need to earn in order to afford those things monthly?
* Do you want to settle for less?
* Do you want to have a family? Big or small?
* How can having a family affect your monthly expenses?