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Interest

Students will learn how to describe, and be able to calculate, simple and compound interest for an investment or a payment. They will begin to understand the cost of borrowing money on interest.

Students will

  1. Explain simple interest
  2. Use simple interest to calculate loan payments
  3. Use simple interest to calculate the value of investments
  4. Explain compound interest
  5. Use compound interest to calculate total cost of a loan
  6. Use compound interest to calculate the value of investments

Math skills being utilized

  • Critical thinking
  • Comparing numbers
  • Adding and subtracting decimals

Ideas for teaching

  • Teach how to calculate interest on Excel setting up monthly payment options.
  • Show how by paying extra the debt decreases so quickly.
  • Teach ways to save money and having interest work for you rather than borrow money.

 

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