Can I Afford This House?
In this lesson, students will prepare a spreadsheet that provides information about purchasing a house. Using functions and formulas, they will determine if they can afford the house.
Curriculum Link: http://alex.state.al.us/lesson_view.php?id=24798 Author: Marsha Martin, Enterprise High School, Enterprise City; accessed February 2012
Expected Student Outcomes/Objectives
Use spreadsheet applications to simplify data commonly used in business settings.
Identify costs and payments schedule for a mortgage.
Description of Activities
1.)Students will use the Internet to locate five houses that they would be interested in buying. See Step 1 on Can I Afford This House Project.
This site will offer information on real homes being sold in areas near the students.
2.)Students will follow the directions (Step 2) on the Can I Afford This House Project to create a spreadsheet that includes the address, price and monthly payment for each of the five houses. They will use the PMT function to calculate the monthly payment.
3.)Students will use the Internet to determine the median average earnings for an occupation that they are interested in pursuing. See Step 3 on the Can I Afford This House Project.
4.)Students will follow the Step 4 directions on the Can I Afford This House Project to add to the spreadsheet their chosen occupation and yearly average earnings. They will enter formulas to calculate the total monthly salary, a monthly housing allowance, and an IF function that will show them whether or not they can afford the house payment.
5.)Students will format the spreadsheet attractively and print as directed in Step 5 of the Can I Afford This House Project. Students will exchange printouts and discuss their findings. Selected students will present their spreadsheet (use projector or broadcast) and explain why they can or cannot afford the houses they selected.
Culminating Activity and/or Assessment
While students are working on the spreadsheet, check to be sure they are using the correct formulas and functions. Students can check their payment results using the mortgage calculator at Century 21.com. Students will exchange printouts and discuss their findings.
This lesson includes general teaching strategies & classroom accommodations for students with identified learning and/or behavior problems such as: reading or math performance below grade level; test or classroom assignments/quizzes at a failing level; failure to complete assignments independently; difficulty with short-term memory, abstract concepts, staying on task, or following directions; poor peer interaction or temper tantrums, and other learning or behavior problems.
Instructional Materials Needed
Computers with Internet access and spreadsheet software
Instructional Materials Provided
Lesson plan, handouts and relevant websites
Curriculum type: Lesson
Academic subject areas: Mathematics; Career-Technical Education
States' Career Clusters: Finance; Marketing
California Industry sector(s): Finance and Business; Marketing, Sales, and Service
Duration: 60 to 90 minutes
Grade Targets: 9, 10, 11, 12
Level of Expertise for CTE: Introductory
Standards Addressed: Detailed documentation of alignment with Common Core, NGSS, C3 or CTE Standards provided
Source: Web Site
Curriculum Link: http://alex.state.al.us/lesson_view.php?id=24798
Related Website(s): http://alex.state.al.us/uploads/24798/CanIAffordThisHouseProject.doc, http://spreadsheets.about.com/b/2007/10/24/using-excels-pmt-function.htm, http://spreadsheets.about.com/od/tipsandfaqs/f/if_function_faq.htm, http://www.century21.com/