TEKS: Chapter 111. Mathematics See All Teacher Resources

111.28.b.12

(12) Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:

• (A) solve real-world problems comparing how interest rate and loan length affect the cost of credit;

• (B) calculate the total cost of repaying a loan, including credit cards and easy access loans, under various rates of interest and over different periods using an online calculator;

• (C) explain how small amounts of money invested regularly, including money saved for college and retirement, grow over time;

• (D) calculate and compare simple interest and compound interest earnings;

• (E) identify and explain the advantages and disadvantages of different payment methods;

• (F) analyze situations to determine if they represent financially responsible decisions and identify the benefits of financial responsibility and the costs of financial irresponsibility; and

• (G) estimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the first year of college.