SAMPLE RESOURCE. Dicey Interest Rates
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- Rosamond Waters
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1 business Dicey Interest Rates Teacher Overview Dicey Interest Rates is an engaging and interactive activity that examines how changes in interest rates can affect consumers and how this could subsequently impact on businesses. The activity is best carried out in small groups of around 3 to 4 students. Teacher Instructions Split the class into small groups of around 3 or 4 students Each group should be given a copy of the scenario sheet and a dice Students need to calculate the monthly mortgage payment, total expenditure on necessities, the remaining disposable income and whether there is any leftover money at the end of the month Once this has been completed, students need to roll a dice. If they roll an even number, then this results in an increase in interest rates. If they roll an odd number, then this results in a decrease in interest rates Students then need to roll the dice again; this determines the extent of the increase or decrease. Students need to multiply the number by 0.25% and add or subtract this from the 4% to obtain the new increase or decrease For example, if they firstly roll a 4 (even) this results in an increase in the interest rate. If they then roll a 2 then this results in an increase of 2 x 0.25% = 0.5%. This is then added to the 4% to give a new interest rate of 4.5% Students should then work out the new mortgage payment and the impact this will have on total expenditure on necessities, remaining disposable income and whether there is any leftover money at the end of the month Once this has been completed, there are two questions for students to complete within their groups
2 Dicey Exchange Rates - How Interest Rate Increases Affect Consumers You have a job, which gives you net pay of 2600 per month. Net pay is the amount that is paid into your bank account after paying income tax, national insurance and a pension contribution. You have a mortgage with a balance of 225,000 and make monthly interest only payments. The current interest rate is 4% APR. The table below sets out your main outgoings, including the way you like to spend your disposable income. Activity 1 Calculate your monthly mortgage interest payment; your total expenditure on necessities; the remaining disposable income and whether you have any leftover at the end of the month. Net pay 2,600 Deduct the following expenditure Monthly mortgage interest payment on 225,000 at 4% ( ) Repayment plan (to pay off original sum of mortgage in 25 years time) ( 400 ) Council tax ( 150 ) Electricity bill ( 50 ) Gas bill ( 50 ) Water ( 30 ) Home insurance ( 25 ) Monthly hire purchase payment for car (Ford Focus) ( 150 ) Car insurance ( 60 ) TV licence ( 12.50) Groceries (Tesco) ( 200) Total expenditure on necessities {sum of the outgoings above} Leaving Disposable income (income left after paying for necessities) of: Which is spent on... New clothes (Superdry, Hollister, Ted Baker) ( 200) Meals out (Five Guys, Byron Burger) ( 150) Going out clubbing/drinking/taxis home ( 150) Money set aside for a holiday with friends (Algarve villa this year) ( 140) Gym membership at a local health club and spa ( 82.50) Any remainder leftover to save? Yes/No? How much?
3 Activity 2 Now roll a dice. If the number is even, then this means that interest rates will increase. If the number is odd, then this means that the interest rates will decrease. Roll the dice again to determine the extent of the increase or decrease. Multiply the number by 0.25% and add or subtract this from the 4% APR to give you a new interest rate. For example, if you rolled 3 then this means the interest rate will decrease. If you then rolled 6 then this means that the interest rate will fall by 1.5% (6 x 0.25%) giving a new interest rate of 2.5% APR (4% - 1.5%)
4 Use the template below to recalculate the monthly mortgage rate, total expenditure on necessities, disposable income and whether there is any leftover money at the end of the month Net pay 2,600 Use this column to indicate any changes in expenditure you plan Deduct the following expenditure Monthly mortgage interest payment on 225,000 ( ) at % Repayment plan (to pay off original sum of mortgage ( 400 ) in 25 years time) Council tax ( 150 ) Electricity bill ( 50 ) Gas bill ( 50 ) Water ( 30 ) Home insurance ( 25 ) Monthly hire purchase payment for car (Ford Focus) ( 150 ) Car insurance ( 60 ) TV licence ( 12.50) Groceries (Tesco) ( 200 ) Total expenditure on necessities {sum of the outgoings above) Leaving Disposable income (income left after paying for necessities) of: Which is spent on... New clothes (Superdry, Hollister, Ted Baker) ( 200 ) Meals out (Five Guys, Byron Burger) ( 150) Going out clubbing/drinking (only if over 18 and in moderation!) ( 150) /taxis Money set aside for a holiday with friends (Algarve villa ( 140) this year) Gym membership at a local health club and spa ( 82.50) Any remainder leftover to save? Yes/No? How much? Compare this with another student who rolled a much bigger or smaller number. Much difference?
5 Activity 3 Question 1 Explain how you might respond to your change in financial circumstance. Give examples of ways in which you will cut back on spending if you need to, or alternatively, if you have more disposable income, how do you intend to use it? Spend it? Save it? What on?
6 Question 2 Based upon your answers to the question above, identify two types/examples of businesses that would benefit from the interest rate change and two types/examples of businesses that would suffer. Explain how they may respond to the change in interest rate.
7 Teacher answers - Activity 1 Dicey Exchange Rates - How Interest Rate Increases Affect Consumers You have a job, which gives you net pay of 2600 per month. Net pay is the amount that is paid into your bank account after paying income tax, national insurance and a pension contribution. You have a mortgage with a balance of 225,000 and make monthly interest only payments. The current interest rate is 4% APR. The table below sets out your main outgoings, including the way you like to spend your disposable income. Activity 1 Calculate your monthly mortgage interest payment; your total expenditure on necessities; the remaining disposable income and whether you have any leftover at the end of the month. Net pay 2,600 Deduct the following expenditure Monthly mortgage interest payment on 225,000 at 4% ( 750) Repayment plan (to pay off original sum of mortgage in 25 years time) ( 400 ) Council tax ( 150 ) Electricity bill ( 50 ) Gas bill ( 50 ) Water ( 30 ) Home insurance ( 25 ) Monthly hire purchase payment for car (Ford Focus) ( 150 ) Car insurance ( 60 ) TV licence ( 12.50) Groceries (Tesco) ( 200) Total expenditure on necessities {sum of the outgoings above} Leaving Disposable income (income left after paying for necessities) of: Which is spent on... New clothes (Superdry, Hollister, Ted Baker) ( 200) Meals out (Five Guys, Byron Burger) ( 150) Going out clubbing/drinking/taxis home ( 150) Money set aside for a holiday with friends (Algarve villa this year) ( 140) Gym membership at a local health club and spa ( 82.50) Any remainder leftover to save? Yes/No? How much?
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