copyright 2014 © w. seth hunter consumermath.org l2.1 payments, rents, and utilities i get paid...
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Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
UNIT TWO: CALCULATING PAYMENTS
I get paid weekly, but pay bills monthly. How can I be sure I am not going to run out of money when
the bills are due.
Personal Finance:
Payments, Rents, and
UtilitiesThe math of bills so you don’t overspend.
UtilitiesBill
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Lesson Objective:
Students will know how to accurately calculate the weekly cost of bills.
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
The Number of Days in a Billing Cycle
How many days are in a week?
How many weeks are in a month?
How many weeks are in a year?
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
The Number of Days in a Billing Cycle
How many days are in a week?
How many weeks are in a month?
How many weeks are in a year?
7
4
52
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Wait!!!Weeks in a Month x Months in a Year
4 x 12 = 48
But there are 52 weeks in a year.
What went wrong?
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
There are NOT 4 weeks in a month! It is closer to 4 ½ weeks in each
month.
If you calculate your monthly bill based on 4 weeks in a month, you will be
paying TOO MUCH!
Wait!!!
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
The Real Math
Monthly Rent = $400Weekly Rent = $100
Multiply Monthly Rent by 12 for Annual Rent
$400 x 12 = $4,800
52
12MONTHLY
WEEKLY
TOO MUCH!
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
The Real Math
Annual Rent = $4,800Divide by 52 to get Correct Weekly Rent
$4,800 ÷ 52 = 92.3076 round to $92.31
52
12MONTHLY
WEEKLY
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
The Real Math
Correct Weekly Rent = $92.31Incorrect Weekly Rent = $100.00
The Difference is $7.69 per week.
If you have 10 bills you calculate wrong, you could be wasting $76.90 each month.
That could be the difference between passing and failing this class.
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
What is the REAL Weekly payment for the following Monthly bills:
Rent $350.00Phone $79.00Car Payment $150.00Utilities $299.99
52
12MONTHLY
WEEKLY
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
What is the REAL Weekly payment for the following Monthly bills:
Rent $350.00Phone $79.00Car Payment $150.00Utilities $299.99
$80.77$18.23$34.62$69.23
52
12MONTHLY
WEEKLY
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Rent / UtilitiesCalculated per Room
In this class you are responsible to find your own bills. You will use actual costs,
but you don’t have to pay for a whole house worth of utilities. After all, you
will probably only be renting one room.If your current home has 4 bedrooms, and your monthly utility cost is $400,
then…$400 ÷ 4 rooms = $100 per Room
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33
52
12MONTHLY
WEEKLY
$433.33 x 12 =
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33
52
12MONTHLY
WEEKLY
$433.33 x 12 = $5,199.96
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33
52
12MONTHLY
WEEKLY
$433.33 x 12 = $5,199.96$5,199.96 ÷ 52 =
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33
52
12MONTHLY
WEEKLY
$433.33 x 12 = $5,199.96$5,199.96 ÷ 52 = $100
(Go ahead and round up)
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33$433.33 x 12 = $5,199.96$5,199.96 ÷ 52 = $100
(Go ahead and round up)$100 ÷ 4 =
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33$433.33 x 12 = $5,199.96$5,199.96 ÷ 52 = $100
(Go ahead and round up)$100 ÷ 4 = $25.00
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Practice
Monthly Utility Bill from a 4 Bedroom Home:
$433.33$433.33 x 12 = $5,199.96$5,199.96 ÷ 52 = $100
(Go ahead and round up)$100 ÷ 4 = $25.00
Every week you would write me aRent check for $25.00.
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
Bills can be Modified
• At any time during this class, if you find cheaper bills, you can use the Bill Change Form to submit them.• Remember…every dollar
you don’t waste has the potential to increase your grade.
• Don’t forget to attach supporting documents and to show your calculations.
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
1. How many weeks are in a year?
2. What is the equation for calculating your weekly bills?
3. What is the weekly bill for a monthly utility of $53.25?
Review:
Copyright 2014 © W. Seth HunterConsumerMath.org
L2.1 Payments, Rents, and Utilities
1. How many weeks are in a year?
2. What is the equation for calculating your weekly bills?
3. What is the weekly bill for a monthly utility of $53.25?
Review:
52
52
12MONTHLY
WEEKLY
$12.29