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Compound Interest

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by

Mr Mattock

on 13 March 2016

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Transcript of Compound Interest

Compound Interest
Examples
L.O. - Use multipliers and powers to calculate compound interest.
Starter
Examples
Main Activity
Complete the Compound Interest
Sheet
Which is true?
Bjorn is thinking of a number.

He increases his number by 10%, notes the value and then decreases by 10% and notes the value. Bjorn keeps increasing and decreasing in this fashion.

Which of the following statements are true?

Bjorn will never again end up with the number he started with.
Every time Bjorn increases by 10% he will be above his original number, and every time he decreases he will be below.
Bjorn's answers will keep getting bigger.
Bjorn's answers will always be above his original value
Each increase and decrease pair results in a 1% decrease from the value before the pair.
Bjorn will end up at 0.
Key
Examples

Activity
Answers

Activities
Worked
Example
Worked
Example
Which is true?
Bjorn is thinking of a number.

He increases his number by 10%, notes the value and then decreases by 10% and notes the value. Bjorn keeps increasing and decreasing in this fashion.

Which of the following statements are true?

Bjorn will never again end up with the number he started with.
Every time Bjorn increases by 10% he will be above his original number, and every time he decreases he will be below.
Bjorn's answers will keep getting bigger.
Bjorn's answers will always be above his original value
Each increase and decrease pair results in a 1% decrease from the value before the pair.
Bjorn will end up at 0.
James and Sunita have a credit card which charges 3% per month compound interest.

James and Sunita owe £500 on the credit card and they don't pay anything for 6 months.

Work out how much they owe after 6 months.
James and Sunita have a credit card which charges 3% per month compound interest.

James and Sunita owe £500 on the credit card and they don't pay anything for 6 months.

Work out how much they owe after 6 months.

500 x 1.03 = 597.0261....

£597.03
6
Main Activity
1) £617 580.56
2) £285808.01
3) £7735.60
4) £1978.41
5) £9079.90
6) £5076.50
7) Halifax = £491188.90

Santander = £488302.56

Lloyds = £516401.50
Find:

(a) 5% of £3000

(b) 5% of £3150

(c) 5% of £3307.50
Starter
Find:

(a) 5% of £3000 = £150

(b) 5% of £3150 = £157.50

(c) 5% of £3307.50 = £165.375 (£165.38)
Full transcript