The document discusses simple interest, including defining it, working out simple interest calculations, and finding the rate of interest. It provides examples of calculating simple interest for loans with given principal amounts, interest rates, and time periods. It also includes practice problems for students to work out simple interest amounts, balances, and interest rates for different loan scenarios.
The document discusses simple interest, including defining it, working out simple interest calculations, and finding the rate of interest. It provides examples of calculating simple interest for loans with given principal amounts, interest rates, and time periods. It also includes practice problems for students to work out simple interest amounts, balances, and interest rates for different loan scenarios.
The document discusses simple interest, including defining it, working out simple interest calculations, and finding the rate of interest. It provides examples of calculating simple interest for loans with given principal amounts, interest rates, and time periods. It also includes practice problems for students to work out simple interest amounts, balances, and interest rates for different loan scenarios.
The document discusses simple interest, including defining it, working out simple interest calculations, and finding the rate of interest. It provides examples of calculating simple interest for loans with given principal amounts, interest rates, and time periods. It also includes practice problems for students to work out simple interest amounts, balances, and interest rates for different loan scenarios.
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Topic : Simple Interest
YR: 9
9/24/20 Learning objective: Curriculum reference/ 1.To understand what simple curriculum standards interest is.
2.Work out simple interest. Define percentage as 'number
of parts per hundred', interpret percentages and percentage 3. To apply simple interest and changes as a fraction or a find the rate of interest decimal, interpret these mulitiplicatively,express one quantity as a percentage of another ,
9/24/20 3 min
List of key words
Lender Simple interest
Write a definition in your own words.
9/24/20 Success criteria
I can understand what simple interest is.
I can Work out simple interest.
I can find the rate of interest from simple
interest
9/24/20 5 min STARTER/PRE ASSESSMENT
Mental Math 1. 7 x 1000 + 8 x 100+ 5x 10 + 2 x 1 = 2. Workout ( 5 +7) x (12-9) 3. Which of these numbers are prime 19 21 23 25 29 4. Half of 29 . 5. Subtract five from negative four.
9/24/20 9/24/20 Joe borrows £200 from the bank at 6% simple interest for 3 years. What interest does he owe, and what is his total balance (amount to payback)? P 200 r 6% 0.06 t3 Interest Balance I P r t Balance = P + I I (200)(0.06)(3) Balance = 200 + 36 I 36 Balance = 236 Interest owed $36 Balance = $236 Find the annual simple interest rate. 1) $2000 earns $420 simple interest over 3 years. P 2000 I 420 t 3 years I P r t 420 (2000)(r)(3) 420 6000r 6000 6000 0.07 r Annual Interest Rate 7% Find the annual simple interest rate. 2) $625 simple interest is earned on a 2 year loan of $5000. P 5000 I 625 t 2 years I P r t 625 (5000)(r)(2) 625 10,000r 10,000 10,000 0.0625 r 1 r 6.25% or 6 % 4 Activity
1. Sam takes a loan of £ 400.
He pays simple interest of 4 % 1. Rebecca takes out a loan per month for nine months . 1. Graham has a loan of £ 600. of £630 and pays 2.1% a. Work out the amount of He pays £ 10.80 simple interest simple interest every week interest Sam pays each per month. month. for 12 weeks . Work out the rate of interest b. Work out the total amount 2. Ntuse takes out a loan of 2. Aaliyah takes out a loan of of interest Sam pays £720 and pays 1.7% £3600 to buy a new car. 2. Harry pays 2.5% monthly simple interest every week interest on a loan of £ 3800. She pays £ 691 20 simple for 14 weeks. He pays interest for one year. interest monthly for two years . 3. Kezia takes out a loan of £ c. Work out the amount of a.Work out the rate of interest . 790 and pays 1.4% simple interest he pays each month b. Work out her total interest interest every week for 15 . payment as a percentage of the d. Work out the total amount weeks. original loan . of interest Sam pays . 4. Workout who pays the most interest.
9/24/20 SELF ASSESSMENT
ANSWERS ANSWERS ANSWERS
9/24/20 STRETCH AND CHALLENGE
. Elspeth took out a loan.
She paid 2.2% simple interest monthly for eight months,then 3.5% simple interest monthly for the next eight months. The total amount of interest she paid was 1710. How much was the loan? CROSS CURRICULAR LINK/RLA/UAE LINK
1) Browse the link
https:// www.investopedia.com/terms/p/personal-interest.asp 2. Search for .. Unsecured vs. Secured Loans Average Interest Rate on a Personal Loan
9/24/20 Success criteria
I can understand what simple interest is.
I can Work out simple interest.
I can find the rate of interest from simple
interest
9/24/20 PLENARY
1. . You deposit £400 in to a bank account paying 5% simple interest per year. How much interest would you have earned after 3 years? (3 Marks) 2. Angelie pays £16.08 monthly interest on a loan of £ 670.Work out the rate of interest. (4 marks)
9/24/20 NEXT STEPS Percentage increases and decreases..
