Level 3 Mathematical Studies Specification for first teaching in 2014
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AQA Certificate Level 3 Mathematical Studies1350
3.2 Maths for personal finance
Students will be expected to develop and demonstrate confidence and competence in the understanding and application of the following calculations in the solution of problems relating to personal finance.
F1 Numerical calculations
Content | Additional information | |
|---|---|---|
F1.1 | substituting numerical values into formulae, spreadsheets and financial expressions | including bank accounts |
F1.2 | using conventional notation for priority of operations, including brackets, powers, roots and reciprocals | |
F1.3 | applying and interpreting limits of accuracy, specifying simple error intervals due to truncation or rounding | |
F1.4 | finding approximate solutions to problems in financial contexts |
F2 Percentages
Content | Additional information | |
|---|---|---|
F2.1 | interpreting percentages and percentage changes as a fraction or a decimal and interpreting these multiplicatively | |
F2.2 | expressing one quantity as a percentage of another | |
F2.3 | comparing two quantities using percentages | |
F2.4 | working with percentages over 100% | |
F2.5 | solving problems involving percentage change | including percentage increase/decrease and original value problems including simple and compound interest |
F3 Interest rates
Content | Additional information | |
|---|---|---|
F3.1 | simple and compound interest | Annual Equivalent Rate (AER) |
F3.2 | savings and investments |
F4 Repayments and the cost of credit
Content | Additional information | |
|---|---|---|
F4.1 | student loans and mortgages | Annual Percentage Rate (APR) |
F5 Graphical representation
Content | Additional information | |
|---|---|---|
F5.1 | graphical representation | plotting points to create graphs and interpreting results from graphs in financial contexts |
F6 Taxation
Content | Additional information | |
|---|---|---|
F6.1 | income tax, National Insurance, Value Added Tax (VAT) |
F7 Solution to financial problems
Content | Additional information | |
|---|---|---|
F7.1 | the effect of inflation | Retail Price Index (RPI), Consumer Price Index (CPI) |
F7.2 | setting up, solving and interpreting the solutions to financial problems, including those that involve compound interest using iterative methods | |
F7.3 | currency exchange rates including commission | |
F7.4 | budgeting |