This week we continue our work with percents and how to solve problems involving financial literacy. Students understand the terms original price, selling price, markup, markdown, markup rate, and markdown rate. They will identify the original price as the whole and use their knowledge of percent and proportional relationships to solve multi-step markup and markdown problems. They will understand equations for markup and markdown problems and use them to solve for unknown quantities in such scenarios.
We will use algebraic equations to solve multi-step word problems involving markups and markdowns.
New finance terms such as retail price, consumer, cost price, and wholesale price are introduced. Although students are not required to memorize these terms, they do provide a solid foundational knowledge for financial literacy.
They will solve simple interest problems using the formula 𝐼 = 𝑃rt, where 𝐼 represents interest, 𝑃 represents principal, r represents interest rate, and t represents time. When using the formula students recognize that units for both interest rate and time must be compatible; students convert the units when necessary.
I have been teaching 7th grade Mathematics for 10 years. I have worked at two IB MYP schools, one in Houston, Texas, and at West End Middle for 8 years. Please feel free to email me if you have any questions, comments or concerns.