LAC 28:CXLII.4101. Applying Mathematics in Personal Finance

A. Use graphical and numerical techniques to study patterns and analyze data related to personal finance. 1. Use rates and linear functions to solve problems involving personal finance and budgeting, including compensation and deductions. 2. Solve problems involving personal taxes. 3. Analyze data to make decisions about banking, including options for online banking, checking accounts, overdraft protection, processing fees, and debit card or ATM fees. B. Use mathematical processes with algebraic formulas, graphs, and amortization modeling with technology to solve problems involving credit. 1. Use formulas with technology to generate tables to display a series of payments for loan amortizations resulting from financed purchases. 2. Analyze personal credit options in retail purchasing and compare relative advantages and disadvantages of each option. Include credit scenarios involving interest rates, terms, compound interest and continuously compounded interest using technology to compare terms, rates and interest types. 3. Use technology to create amortization models to investigate home financing and compare buying a home to renting a home. 4. Use technology to create amortization models to investigate automobile financing and compare buying a vehicle to leasing a vehicle. C. Use mathematical processes with algebraic formulas, numerical techniques, and graphs to solve problems related to financial planning. 1. Analyze and compare insurance coverage options and rates. 2. Investigate and compare investment options, including stocks, bonds, annuities, certificates of deposit, and retirement plans. 3. Analyze types of savings options involving simple and compound interest and compare the relative advantages of these options.