Student Loans

Eugene
Eugene agreed to pay back £95 a month for five years.

Nung
Nung has to pay back £490 per year for the next 12 years.

Julie
Julie needs to pay back £800 this year, £900 next year and then continue paying £100 more than the previous year for a total of six years.

Ted
Ted will pay back the amount he borrowed plus 10% interest.

Clive
Clive agreed to pay back a lump sum of £4000 and 6 installments of £200.

Rosie
Rosie pays £20 in the first month. Each month after that she pays twice as much as the previous month for a total of eight months.

Six students borrow £5000 to help pay for their university course. Calculate how much each will have to pay back to the lender.


Share

Topics: Starter | Arithmetic | Money

  • Transum,
  •  
  • As well as the mathematical skills required to calculate the amount these loans actually cost there is also another learning objective associated with this activity. Young people should develop a sense of what interest means and what the consequences of borrowing money are. Fixed and variable rates of interest can be difficult to comprehend and many people find themselves borrowing more than they can afford to pay back. It is an important aspect of the Maths Teacher’s job to help students develop a healthy attitude towards personal loans and to equip them with the numeracy skills to make good judgments.
  • Chris Smith, Bushenyi, Uganda
  •  
  • An excellent starter for the year one students at this Primary Teachers' College in Western Uganda. I selected the 14 weakest for this group, on basis of their O level results. They found the starter a challenge, even when they had understood the words. Class sizes are between 55 and 70, so identifying and helping the weakest, the strongest, not to mention the ones in the middle, is a challenge. (I am running evening tutorials with my personal modem, no internet at college.).
  • Rachel, Melbourne
  •  
  • My class and I had a debate on what the answer was for Rosie. Most people said the answer was $5,100 and I said it was $5,120, as you times the previous month to get the amount for the next month. For some reason they said that you add all the previous months to $2,560 to get $5,100. I said that you multiple $2,560 times two to get $5,120 as it says you double to amount from the previous month. The grammar in that problem was not clear enough.

How did you use this starter? Can you suggest how teachers could present or develop this resource? Do you have any comments? It is always useful to receive feedback and helps make this free resource even more useful for Maths teachers anywhere in the world.
Click here to enter your comments.

If you don't have the time to provide feedback we'd really appreciate it if you could give this page a score! We are constantly improving and adding to these starters so it would be really helpful to know which ones are most useful. Simply click on a button below:

Excellent, I would like to see more like this
Good, achieved the results I required
Satisfactory
Didn't really capture the interest of the students
Not for me! I wouldn't use this type of activity.

This starter has scored a mean of 3.3 out of 5 based on 93 votes.


Previous Day | This starter is for 15 July | Next Day

 

Globe of Flags

This activity is suitable for students of mathematics all around the world. Use the button below to change the currency symbol used to make it more relevant to your students. You may wish to choose an unfamiliar currency to extend your students' experience.

Globe of Flags

Answers



Your access to the majority of the Transum resources continues to be free but you can help support the continued growth of the website by doing your Amazon shopping using the links on this page. Below is an Amazon search box and some items chosen and recommended by Transum Mathematics to get you started.

Have you read Craig's book yet?

Craig Barton must surely be the voice of Mathematics teachers in the UK. His wonderful podcasts interviewing the industry experts have culminated in this wonderful book. As Craig says: "I genuinely believe I have never taught mathematics better, and my students have never learned more. I just wish I had known all of this twelve years ago..." more...

"How I wish I’d taught maths' is an extraordinary and important book. Part guide to research, part memoir, part survival handbook, it’s a wonderfully accessible guide to the latest research on teaching mathematics, presented in a disarmingly honest and readable way. I know of no other book that presents as much usable research evidence on the dos and don’ts of mathematics teaching in such a clear and practical way. No matter how long you have been doing it, if you teach mathematics—from primary school to university—this book is for you." Dylan Wiliam, Emeritus Professor of Educational Assessment, UCL.

The Craig Barton Book

Graphic Display Calculator

This handheld device and companion software are designed to generate opportunities for classroom exploration and to promote greater understanding of core concepts in the mathematics and science classroom. TI-Nspire technology has been developed through sound classroom research which shows that "linked multiple representation are crucial in development of conceptual understanding and it is feasible only through use of a technology such as TI-Nspire, which provides simultaneous, dynamically linked representations of graphs, equations, data, and verbal explanations, such that a change in one representation is immediately reflected in the others.

For the young people in your life it is a great investment. Bought as a gift for a special occasion but useful for many years to come as the young person turns into an A-level candidate then works their way through university. more...

iPad Air

The analytics show that more and more people are accessing Transum Mathematics via an iPad as it is so portable and responsive. The iPad has so many other uses in addition to solving Transum's puzzles and challenges and it would make an excellent gift for anyone.

You have to hold iPad Air to believe it. It’s just 7.5 millimeters thin and weighs just one pound. The stunning Retina display sits inside thinner bezels, so all you see is your content. And an incredible amount of power lies inside the sleek enclosure. So you can do so much more. With so much less. more...

Before giving an iPad as a gift you could add a link to iPad Maths to the home screen.

Click the images above to see all the details of these items and to buy them online.

Online Maths Shop

Laptops In Lessons

Teacher, do your students have access to computers?
Do they have iPads or Laptops in Lessons?

Whether your students each have a TabletPC, a Surface or a Mac, this activity lends itself to eLearning (Engaged Learning).

Laptops In Lessons

Here a concise URL for a version of this page without the comments.

Transum.org/go/?Start=July15

Here is the URL which will take them to a related student activity.

Transum.org/go/?to=Interest

Student Activity

 


Images of students used in this Starter are courtesy of photostock FreeDigitalPhotos.net

Apple

©1997-2018 WWW.TRANSUM.ORG