Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities I get paid weekly, but pay bills monthly. How can I be sure I am not.

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Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities 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. The math of bills so you don’t overspend. Utilities Bill

Copyright 2014 © W. Seth Hunter ConsumerMath.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 Hunter ConsumerMath.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 Hunter ConsumerMath.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 Hunter ConsumerMath.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 Hunter ConsumerMath.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 Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities The Real Math Monthly Rent = $400 Weekly Rent = $100 Multiply Monthly Rent by 12 for Annual Rent $400 x 12 = $4,800 TOO MUCH!

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities The Real Math Annual Rent = $4,800 Divide by 52 to get Correct Weekly Rent $4,800 ÷ 52 = round to $92.31

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities The Real Math Correct Weekly Rent = $92.31 Incorrect Weekly Rent = $ 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 Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice What is the REAL Weekly payment for the following Monthly bills: Rent$ Phone$79.00 Car Payment $ Utilities$299.99

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice What is the REAL Weekly payment for the following Monthly bills: Rent$ Phone$79.00 Car Payment $ Utilities$ $80.77 $18.23 $34.62 $69.23

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Rent / Utilities Calculated 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 Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 =

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5,199.96

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5, $5, ÷ 52 =

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5, $5, ÷ 52 = $100 (Go ahead and round up)

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5, $5, ÷ 52 = $100 (Go ahead and round up) $100 ÷ 4 =

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5, $5, ÷ 52 = $100 (Go ahead and round up) $100 ÷ 4 = $25.00

Copyright 2014 © W. Seth Hunter ConsumerMath.org L2.1 Payments, Rents, and Utilities Practice Monthly Utility Bill from a 4 Bedroom Home: $ $ x 12 = $5, $5, ÷ 52 = $100 (Go ahead and round up) $100 ÷ 4 = $25.00 Every week you would write me a Rent check for $25.00.

Copyright 2014 © W. Seth Hunter ConsumerMath.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 Hunter ConsumerMath.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 Hunter ConsumerMath.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 $12.29