Money www mathsrevision com Level 3 Foreign Exchange

Money www. mathsrevision. com Level 3 Foreign Exchange Best Buys Best Service Best Contract Credit and Debit Cards 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Starter Questions www. mathsrevision. com Level 3 If a = 7 b = 4 and c = 10 Write down as many equations as you can e. g. a + b = 11 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Foreign Currency Converting to another currency www. mathsrevision. com MNU 3 -03 a Learning Intention Success Criteria 1. We are learning how to convert £’s to another currency and vice versa. 1. Understand the term exchange rate and the proportion method. 2. Convert £’s to another currency and vice versa. 20 -Jun-21 Created by Mr. Lafferty Maths Dept

Foreign Currency Converting to another currency www. mathsrevision. com Level 3 Up until 1 st 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 20 -Jun-21 Created by Mr. Lafferty Maths Dept

Are we expecting more or less. Converting to another currency Level 3 Foreign Currency www. mathsrevision. com Example : How many euros will I get for £ 100. Proportion method £ € 1 1. 44 (more) 100 X 1. 44 = € 144 1 20 -Jun-21 Created by Mr. Lafferty Maths Dept Exchange rate £ 1= Euro € 1. 44 Dollar $ Yen 1. 51 190

Are we expecting Level 2 more or less. Converting to another currency Level 3 www. mathsrevision. com Foreign Currency Example : How many Dollars will I get for £ 50. Proportion method £ $ 1 1. 51 (more) 50 50 X 1. 51 = $75. 50 1 20 -Jun-21 Created by Mr. Lafferty Maths Dept Exchange rate £ 1 = Euro € 1. 44 Dollar $ 1. 51 Yen 190

Are we expecting more or less. Converting to another currency Level 3 www. mathsrevision. com Foreign Currency Example : A i. Pod costs £ 300 in Scotland 420 € in Spain. Which. Proportion is the better buy ? method £ € 1 1. 44 (more) 300 X 1. 44 = € 432 1 Should buy in Spain and save 12 € 20 -Jun-21 Created by Mr. Lafferty Maths Dept Exchange rate £ 1 = Euro € 1. 44 Dollar $ 1. 51 Yen 190

www. mathsrevision. com Level 3 Are we expecting more or less Foreign Currency Example : Converting back to £’s How many £’s will I get for 20 €. Proportion method € £ 1. 44 1 (more) 20 20 X 1 = £ 13. 89 1. 44 20 -Jun-21 Created by Mr. Lafferty Maths Dept Exchange rate £ 1= Euro € 1. 44 Dollar $ Yen 1. 51 190

www. mathsrevision. com Level 3 Are we expecting more or less Foreign Currency Converting back to £’s Example : A business man returns from America with $450. He converts them back to £’s. How much will he get back ? Proportion method $ £ 1. 50 1 (more) 450 X 1 = £ 300 1. 5 20 -Jun-21 Created by Mr. Lafferty Maths Dept Exchange rate £ 1 = Euro € 1. 44 Dollar $ 1. 50 Yen 190

Money www. mathsrevision. com Level 3 Now try TJ 3 b Ex 1 Ch 2 (page 13) 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Starter Questions www. mathsrevision. com Level 3 1. Two numbers add to give 12 and 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. 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Best Deal Money Management www. mathsrevision. com Level 3 Learning Intention 1. 20 -Jun-21 Success Criteria We are learning to calculate the best deal for everyday items. 1. De able to compare deals by finding the cost per unit. Created by Mr. Lafferty Maths Dept.

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for Soap Powder ? Deal 1 - Proportion method 350 (less) 100 g £ 10. 50 100 X 10. 50 = £ 3 350 20 -Jun-21 Created by Mr. Lafferty Maths Dept Deal 1 Deal 2 350 g 250 g £ 10. 50 £ 10. 00

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for Soap Powder ? Deal 2 - Proportion method 250 1 (less) g £ 10. 00 100 X 10. 00 = £ 4 250 20 -Jun-21 Created by Mr. Lafferty Maths Dept Deal 1 Deal 2 350 g 250 g £ 10. 50 £ 10. 00 Deal 1 is Best £ 1 cheap per 100 g

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for Petrol. Deal 1 - Proportion method (less) 60 1 l 1 60 20 -Jun-21 £ 65. 40 X 65. 40 =£ 1. 09 Created by Mr. Lafferty Maths Dept Deal 1 Deal 2 60 litres 38 litres £ 65. 40 £ 40. 66

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for Petrol. Deal 2 - Proportion method (less) 38 1 l 1 38 20 -Jun-21 £ 40. 66 X 40. 66 =£ 1. 07 Created by Mr. Lafferty Maths Dept Deal 1 Deal 2 60 litres 38 litres £ 65. 40 £ 40. 66 Deal 2 is Best 2 p cheaper litre

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for tennis balls ? Deal 1 - Proportion method (less) 10 1 T 1 10 20 -Jun-21 £ 5. 40 X 5. 40 = £ 0. 54 Created by Mr. Lafferty Maths Dept Deal 2 Deal 3 10 balls 15 balls 48 balls £ 5. 40 £ 7. 50 £ 24. 48

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for tennis balls ? Deal 1 Deal 2 - Proportion method (less) 20 -Jun-21 15 1 T £ 7. 50 1 15 X 7. 50 = £ 0. 50 Created by Mr. Lafferty Maths Dept Deal 2 Deal 3 10 balls 15 balls 48 balls £ 5. 40 £ 7. 50 £ 24. 48

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Ex : Money Management What is the best deal for tennis balls ? Deal 1 Deal 3 - Proportion method (less) 48 1 T 1 48 20 -Jun-21 £ 24. 48 X 24. 48 =£ 0. 51 Created by Mr. Lafferty Maths Dept Deal 2 Deal 3 10 balls 15 balls 48 balls £ 5. 40 £ 7. 50 £ 24. 48 Deal 1 £ 0. 54 per ball Deal 2 £ 0. 50 per ball Deal 3 £ 0. 51 per ball

Best Deal Money Management www. mathsrevision. com Level 3 Now try TJ 3 b Ex 2 Ch 2 (page 15) 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Starter Questions www. mathsrevision. com Level 3 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Best Deal Service www. mathsrevision. com Level 3 Learning Intention 1. 20 -Jun-21 Success Criteria We are learning to calculate the best deal for service items. 1. Be able to compare deals by calculating over cost. Created by Mr. Lafferty Maths Dept.

Best Deal Service www. mathsrevision. com Level 3 No Burst Pipe Power Why would you need to call out a electrician , joiner , plumber etc. . Broken front door These types of jobs work for the Service Industry. They serve the general public. 20 -Jun-21 Created by Mr. Lafferty Maths Dept

Best Deal Service www. mathsrevision. com Level 3 The cost of work carried out by these professions are broken into two parts: Call out charge : To come out to investigate problem Hourly rate : Cost per hour worked to complete job. 20 -Jun-21 Created by Mr. Lafferty Maths Dept

Who should I pick ? Best Deal Service www. mathsrevision. com Level 3 I have a bust pipe in by house. I get two quotes to fix the problem. The job should take 3 hours to fix. Mr Fix -It Easy-job Call-out Charge £ 30 £ 70 Hourly -rate £ 32 £ 20 Mr Fix-It = 30 + 3 x 32 = £ 126 Easy-job = 70 + 3 x 20 = £ 130 20 -Jun-21 Created by Mr. Lafferty Maths Dept BODMAS Mr Fix-It

Who should I pick ? Best Deal Service Level 3 www. mathsrevision. com Turns out that the job will take 5 hours. Mr Fix -It Easy-job Call-out Charge £ 30 £ 70 Hourly -rate £ 32 £ 20 Mr Fix-It = 30 + 5 x 32 = £ 190 Easy-job = 70 + 5 x 20 = £ 170 20 -Jun-21 Created by Mr. Lafferty Maths Dept Easy-job

Electrician Job Rate The cost for hiring a electrician per hour is shown in graphical form. What is his call-out fee £ 30 (b) What is hourly rate. £ 10 (c) What is the total cost for a 6 hours job. 100 90 Cost £ (a) V 80 70 60 50 40 30 (0, 30) 20 Total C = 30 + 6 x 10 = £ 90 10 0 1 2 3 4 5 6 7 8 9 Time (hours) 10 T

Best Deal Service www. mathsrevision. com Level 3 Now try TJ 3 b Ex 3 Ch 2 (page 17) 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Starter Questions www. mathsrevision. com Level 3 The answer to the question is 90 What is the question ? 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Best Deal Rates & Contracts www. mathsrevision. com Level 3 Learning Intention 1. Success Criteria We are learning about best contract deals. 1. Understand compare contract deals. 2. Be able to choose the best contract deal by estimating usage. 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Can you name some Providers Best Deal Rates & Contracts Sky, BT, Virgin-Media etc. . . www. mathsrevision. com Level 3 Most people have a contract for their mobile phone, internet and TV provider Why ? Contracts can be very confusing ! You can save ALOT of money if you do the maths. 20 -Jun-21 Created by Mr. Lafferty Maths Dept

Who gives the best value and by how much to nearest penny ? Best Deal www. mathsrevision. com Level 3 I have just come back from a Holiday in Coney Island New York. I want to convert $500 back to £’s. Rate-R-Us Super-Rates 20 -Jun-21 Exchange Rate £ 1. 50 1. 60 Created by Mr. Lafferty Maths Dept

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Rates & Contracts Rate-R-Us Super-Rates (Rate-R-Us) - Proportion method (more) $ 1. 50 500 £ 1 500 X 1 = £ 333. 33 1. 50 20 -Jun-21 Created by Mr. Lafferty Maths Dept Ex. Rate (per £) 1. 50 1. 60

www. mathsrevision. com Level 3 Best Deal Are we expecting more or less Rates & Contracts Rate-R-Us Super-Rates Ex. Rate (per £) 1. 50 1. 60 (Super-Rates) - Proportion method (more) $ 1. 60 1 £ 1 500 X 1 = £ 312. 50 1. 60 20 -Jun-21 Created by Mr. Lafferty Maths Dept Rate-R-Us by £ 20. 83

Best Deal Who gives the best value and by how Rates & Contracts much after one year ? www. mathsrevision. com Level 3 Ethan wants to put some money into the bank. APR means He has two options. Annual Percentage Rate He has £ 3000 to invest. Bank of Mr Lafferty Bank for Money 20 -Jun-21 APR % 3. 5 3 Created by Mr. Lafferty Maths Dept

Best Deal Rates & Contracts www. mathsrevision. com Level 3 APR % 3. 5 3 Bank of Mr Lafferty Bank for Money 3. 5 x 3000 = £ 105 100 3 x 3000 = £ 90 100 Total in Bank £ 3105 Total in Bank £ 3090 20 -Jun-21 Best Deal is Bank of Mr Lafferty by £ 15 Created by Mr. Lafferty Maths Dept

Caitlin to looking be online, Pauluses isloves always for Tom very little calls her friend the best deal. He uses or internet but sends 10 10 minutes per day and & Contracts 5 minutes per day. Rates on calls, texts a day. sends 80 a day. 11 What texts tariff pertexts day and is bestlots ? of What tariff is best ? online searches. Below is a typical set of contracts for a mobile phone What tariff is best ? Best Deal www. mathsrevision. com Level 3 20 -Jun-21 Provider Free minutes Free Text Internet Contract Cost per Usage months month O 4 120 300 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 12 £ 40 Created by Mr. Lafferty Maths Dept

Best Deal www. mathsrevision. com Level 3 Now try TJ 3 b Ex 4 Start at Q 2 Ch 2 (page 19) 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Starter Questions www. mathsrevision. com Level 3 The answer to the question is 60 Write down as many questions as you can 20 -Jun-21 Created by Mr. Lafferty Maths Dept.

Credit & Debit Cards www. mathsrevision. com Level 3 Learning Intention Success Criteria 1. We are learning about Credit & Debit Cards. 20 -Jun-21 1. Understand the key differences between Debit and Credit Cards. Created by Mr. Lafferty Maths Dept.

www. mathsrevision. com They look work But they Credit the same very differently ! 20 -Jun-21 & Debit In pairs discuss the good and bad Cards points of each. Buying with your money Buying with the banks money Normally no charge % charge each month on burrowed money Not insured for transactions online Insured for transactions online Very easy to get into serious debit Created by Mr. Lafferty Maths Dept.

APR means Annual Percentage Rate Best Deal Rates & Contracts Level 3 www. mathsrevision. com Example : During one month, John owes £ 2000 on his Credit Card at an APR of 30%. (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. 5 x 2000 = £ 50 100 20 -Jun-21 Total now owed = £ 2050 Created by Mr. Lafferty Maths Dept

Best Deal Rates & Contracts www. mathsrevision. com Level 3 (b) Assuming he does not buy anything during the rest of the year with his credit card and does not pay anything off, how much will he owe the bank at end of the year. 30 100 x 2000 = £ 600 OR 12 x 50 = £ 600 Total now owed = £ 2600 Do you think this is correct ? 20 -Jun-21 True value nearer £ 2689. 78 Created by Mr. Lafferty Maths Dept

Have you updated your Learning Log ? Money www. mathsrevision. com Level 3 Now try TJ 3 b Ex 5 Ch 2 (page 21) 20 -Jun-21 Created by Mr. Lafferty Maths Dept.