Syllabus outcomes and descriptors
The outcome and content wording below is quoted from the Stage 5 Financial mathematics A content of the Mathematics K–10 syllabus (NSW Education Standards Authority, 2022). Working Mathematically indicators in each lesson are written by the teacher and shown in italics.
Outcomes
| Code | Outcome |
|---|---|
| MA5-FIN-C-01 | solves financial problems involving simple interest, earning money and spending money |
| MAO-WM-01 | develops understanding and fluency in mathematics through exploring and connecting mathematical concepts, choosing and applying mathematical techniques to solve problems, and communicating their thinking and reasoning coherently and clearly |
Content and where it is taught
Solve problems involving earning money
| Syllabus content | Lesson |
|---|---|
| Solve problems involving wages given an hourly rate of pay including penalty rates for overtime, weekends and public holidays | 1, 2 |
| Calculate earnings from non-wage sources exploring commission, piecework and royalties | 1 |
| Calculate weekly, fortnightly, monthly and yearly earnings assuming 1 year = 52 weeks | 3 |
| Calculate leave loading by finding a percentage of eligible normal pay | 3 |
| Investigate sources of published tables or online calculators and use these to calculate the weekly, fortnightly or monthly tax to be deducted from a worker's pay under the Australian Pay-As-You-Go (PAYG) taxation system | 3 |
| Determine annual taxable income by exploring allowable deductions and current tax rates | 3b (outline) |
| Calculate net earnings after deductions and taxation | 3 |
Solve problems involving simple interest
| Syllabus content | Lesson |
|---|---|
| Establish and use the formula I = Prn to find simple interest where I = simple interest, P = principal, r = interest rate per time period and n = number of time periods | 4–6 |
| Apply the simple interest formula to solve problems related to investing money at simple interest rates, both algebraically and graphically | 4–6 |
Solve problems involving spending money
| Syllabus content | Lesson |
|---|---|
| Calculate the cost of buying items on terms, by paying an initial deposit and making regular repayments | 7 |
| Examine payment options involving buy now, pay later and investigate the costs associated with these schemes for purchasing goods | 8 |
| Examine the principles behind short-term loans involving small dollar amounts and compare borrowing costs associated with using these products | 9 |
Reference
NSW Education Standards Authority. (2022). Mathematics K–10 syllabus: Stage 5, Financial mathematics A. https://curriculum.nsw.edu.au/learning-areas/mathematics/mathematics-k-10-2022/content/stage-5/facb3aa952