Exploring Simple Interest Calculation in Mathematics

1. SIMPLE INTEREST Since this section involves what can happen to your money, it should be of INTEREST to you!

2. STARTER Mathematics Website WEEK 4 – STARTER 2

3. OBJECTIVE To be able to calculate simple interest.

4. KEY WORD SIMPLE INTEREST

5. 100 IMPLE INTEREST FORMULA Annual interest rate Interest paid I = PRT Time (in years) Principal(Amount of money invested or borrowed)

6. 100 If you invested $200.00 in an account that paid simple interest, find how long you’d need to leave it in at 4% interest to make $10.00. enter in formula as a decimal I = PRT 10 = (200)(0.04)T 1.25 yrs = T Typically interest is NOT simple interest but is paid semi-annually (twice a year), quarterly (4 times per year), monthly (12 times per year), or even daily (365 times per year).

7. Examples from the iBook The teacher goes through selected examples on the following pages of the iBook: Pages 84 - 88

8. Watch videos from the iBook Struggling students watch video on simple interest – page 87 of the iBook. Meanwhile, advanced students can start with classwork 1.

9. CLASS WORK 1 SIMPLE INTEREST Pair Work G11 Maths Website WEEK 4 – CLASSWORK 1 SIMPLE INTEREST Show an organized solution on your maths notebook.

10. CLASS WORK 2 COMPOUND INTEREST Individual Activity G11 Maths Website, “Useful link” folder Students answer an online worksheet: http://studymaths.co.uk/workout.php?workoutID=53 Show an organized solution on your maths notebook.

11. HOMEWORK • G11 Maths iBook • Page 88, #’s 6, 7, 8, 9, 10 • Show an organized solution on your maths notebook.

12. EXTENSION ACTIVITY Maths iBook Page 88, #’s 1, 2, 3, 4, and 5 Show an organized solution on your maths notebook.

13. PLENARY • What is simple interest? • Share one or two things you have learned today.

14. THANK YOU! 