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Simple and Compound Interest

Subject Area: Mathematics (B.E.S.T.) | Grade Level: 12
Lesson Length: 1 hour 30 minutes
Keywords/Tags: Simple, Compound Interest
Lesson Description: In this lesson, Students will learn how to calculate both simple and compound interest. Students will use the formulas for both skills to calculate acquired interest in real world situations.

Other AMDM.FGR.9: Use functions to model problem situations in both discrete and continuous relationships.
Other AMDM.PAR.8.1 Use exponential functions to model change in a variety of financial situations.

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Video : How to calculate Simple and Compound Interest?

Instructions: Please watch the following video as many times as needed before starting to go through other lesson pages. Understanding the content of the video is very important since the lesson activities will be all about this video content.

Description: Learning how to calculate simple and compound interest in real world scenarios.

Quiz : Simple and Compound Interest

Instructions: Please complete this quiz by choosing the correct answer for each question. You can take this quiz as many times needed.

Question #1

In the Simple Interest formula, what does the I represent? (I=P * R * T)

A) Interest

B) Principal

C) Rate

D) Time

Question #2

What must happen to the interest rate before it is used in the simple interest formula?

A) Change to fraction

B) change to ratio

C) Change to decimal

Question #3

In the compound interest formula, what does the P stand for? (A=P(1+R/N)^(N)(T)

A) Rate

B) Plot

C) Plenty

D) Principal

Question #4

N represents the number of times the Interest is coumpounded.

A) True

B) False

Question #5

How much interest does a $318 investment ea at 9% over one year?

A) $28.62

B) $45.98

C) $23.98

D) $34.23

Question #6

If you borrow $675 for six years at an interest rate of 10%, how much
interest will you pay?

A) $586

B) $460

C) $450

D) $405

Question #7

How much interest is eaed on a principal of $646 invested at an interest rate of 5% for two years?

A) $28.62

B) $64.60

C) $45.78

D) $56.36

Question #8

Your 3 year investment of $20,000 received 5.2% interested compounded semi annually.
What is your total retu?

A) $23,329.97

B) $4,075.98

C) $20,329.98

D) $56,095.36

Question #9

You invest $55 at 10% compounded annually for 3 years. How much will your investment
be worth in 3 years?

A) $45.98

B) $32.97

C) $73.21

D) $91.09

Question #10

You borrowed $1,690 for 5 1/2 years a at 5.7% compounded semi annually. What total
will you pay back?

A) $2,176.33

B) $4,509.54

C) $2,852.09

D) $2,302.57

Description: Test your newly formed knowledge over simple and compound interest.

Assignment : Quizezz - Simple & Compound Iterest

Please use the link below to login to the Simple and Compound Interest Quizezz. You have unlimited attempts.

Access to Quizezz

Resources : Additional Resources

Instructions: Please see additional external resources below. Feel free visit each link to learn more about this lesson.

Simple and Compound Interest

Standards:

Video : How to calculate Simple and Compound Interest?

Quiz : Simple and Compound Interest

Assignment : Quizezz - Simple & Compound Iterest

Resources : Additional Resources