The Visualization of the Schedule of the Mortgage Loan as a Tool for Students’ Better Understanding of Loans

AbstractOne of the aims of teaching mathematics at grammar schools in Slovakia is to develop competencies needed for everyday life. Every day we hear and read about loans, repayments, mortgages and other concepts of financial world. The curriculum includes area of Elementary financial mathematics. The students learn about interests, savings and loans. There exist many kinds of loans. For an average young family is nearly impossible to buy a house or flat without mortgage loan from the bank. That fact inspired us for this activity for students. First we describe the results of a mind map named „Financial mathematics“. This part includes studentś opinion what does the area financial mathematics contain. We continue with the mortgage calculator and studentś understanding of it. Then we illustrate how the mortgage calculator works and the visualization of monthly repayments of that kind of loan. Finally we present the studentś opinions at this activity and the recommendations for other colleagues