TOPIC 2: MONEY AND FINANCE

(A)    Simple bills 

OBJECTIVES: read and understand simple bills

Students learn how saving helps people become wealthy. They develop “rules to become a millionaire” as they work through a series of exercises, learning that it is important to: (1) save early and often, (2) save as much as possible, (3) earn compound interest, (4) try to earn a high interest rate, (5) leave deposits and interest earned in the account as long as possible, and (6) choose accounts for which interest is compounded often. This lesson assumes that students have worked with percent’s and decimal equivalents.

Lessons

1. simple bills

     

 

 

B) Simple interest 

OBJECTIVES: Learners will: read and understand simple bills

 

Simple Interest – Definition and Calculation

When we borrow money we are expected to pay for using it – this is called interest.

There are three components to calculate simple interest: principal (the amount of money borrowed), interest rate and time.

Formula for calculating simple interest:

I = Prt

Where:

I = interest     r = interest rate (per year)

P = principal   t = time (in years or fraction of a year)

 

Lesson

1.   simple interest definition and calculation   

2.    simple interest