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Notes- Saving and Interest rates

Notes- Saving and Interest rates. Standard: SSEPF2d- Evaluate savings options SSEPF4d- Explain the difference between simple and compound interest rates. Saving. Savings in money set aside for the future. Reasons to save: 1. big purchases 2. emergencies 3. retirement. Interest Rates.

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Notes- Saving and Interest rates

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  1. Notes- Saving and Interest rates Standard: SSEPF2d- Evaluate savings options SSEPF4d- Explain the difference between simple and compound interest rates.

  2. Saving • Savings in money set aside for the future. • Reasons to save: 1. big purchases 2. emergencies 3. retirement

  3. Interest Rates • When someone borrows money they are charged interest. • People who take out loans borrow money from savings accounts.

  4. Interest Rates • Interest Charged: interest the banks charges a person to borrow (loan/credit) • Interest Earned: Interest the bank pays for the use of your money (Saving Account) Interest charged is greater than Interest earned

  5. Interest Rates

  6. Types of Interest • Simple: Rate applied only to the value of the principal • Compound: Interest applied to both the principal and the accrued interest Principal= The original amount of money SAVED OR BORROWED

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