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Simple Interest

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by

Mr Mattock

on 13 March 2016

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Transcript of Simple Interest

Simple Interest
Starter
Simon invests £13000 in an account which pays 3.5% simple interest per annum (year).
Simple Interest Calculations
Kevin borrows £300 at a simple interest rate of 7% simple interest per week. How much will he pay when he pays back the loan 6 weeks later?
Simple Interest
Simple interest is when a percentage of the initial amount is calculated, and then the initial amount is changed by the same amount every time.
L.O. - To calculate simple interest on savings and loans.
Calculate 3.5% of £13000
Work out how much Simon would have in his account after the first year.
Starter
Simon invests £13000 in an account which pays 3.5% simple interest per annum (year).
Calculate 3.5% of £13000
= £455
Work out how much Simon would have in his account after the first year.

£13000 + £455 = £13455.
Simple Interest
Simon invests £13000 in an account which pays 3.5% simple interest per annum (year).
Work out how much Simon would have in his account after 4 years, assuming he doesn't withdraw any money from the account.
Simple Interest
Simon invests £13000 in an account which pays 3.5% simple interest per annum (year).
Work out how much Simon would have in his account after 4 years, assuming he doesn't withdraw any money from the account.

3.5% of £13000 = £455.

£455 x 4 = £1820.

£13000 + £1820 = £14820
Simple Interest Calculations
Kevin borrows £300 at a simple interest rate of 7% simple interest per week. How much will he pay when he pays back the loan 6 weeks later?
7% of £300 = £21.

£21 x 6 = £126.

£300 + £126 = £426.
Main Activity
Complete the table on Simple Interest.
Main Activity
Complete the table on Simple Interest.
Extension

4% for 5 years = 20% (1 Mark)

3% for 3 years = 9% (1 Mark)

5.6% for 2 years = 11.2% (1 Mark)

Lime Bond = 20.2% which is best (1 Mark)
Dice of Ultimate Power

1) Give a key word for the lesson.
2) Summarise one key point for the
lesson.
3) Explain one thing you have learned this
lesson.
4) State one thing you still don't understand following this lesson.
5) Suggest one thing you would like to find out
based on this lesson.
6) Free choice from 1 to 5, or another you make
up.
Activities
Activity
Answers

Key
Examples

Worked
Example
Worked
Example
Full transcript