MR.N.NQ.A

Use financial mathematics to make personal financial decisions.

MR.N.NQ.A.1Define common terms associated with finance (such as interest, compound interest, annuities, retirement funds, amortizations, future value, and present value) and know how each term is related to personal finance.MR.N.NQ.A.2Calculate compound interest within the context of personal finance (such as credit card debt, home/car purchase, personal loans, and amortization schedules) and use the results to make decisions (for example, determine which home financing option is best).MR.N.NQ.A.3Calculate net pay using gross pay (weekly, biweekly, monthly, or annual) and both fixed and variable deductions (such as withholding tax, Social Security tax, insurance costs, retirement investments and other contributory benefits).MR.N.NQ.A.4Access and use published data (such as cost of city or state utilities, housing, city or state taxes, meals, and other costs of living) to estimate and compare monthly living expenses based on location, identified needs, and personal preferences or desired lifestyles.MR.N.NQ.A.5Access and use published data (such as average life expectancy based on location and/or health issues, investment data, retirement funds, and annuity data) to calculate and compare retirement investments (such as total savings and monthly payouts) based on projected income.MR.N.NQ.A.6Access and use published data to create depreciation schedules and analyze the depreciation of various assets (such as cars, business equipment, and store fixtures).MR.N.NQ.A.7Access and use published data to calculate income tax based on projected gross annual income, returns on investments, tax deductions and tax credits, and other factors that affect calculations.MR.N.NQ.A.8Develop a personal mid-term (three to five years) financial plan based on anticipated income, projected living expenses, projected retirement or other savings, and other factors that affect personal finances.
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