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Simple Interest, Compound Interest, and Money Matters

Pre-Algebra Math Lesson
by

Eric Walter

on 18 January 2013

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Transcript of Simple Interest, Compound Interest, and Money Matters

Budget Income Stream _You need a job

-Proverbs 10:4 Lazy hands make a man poor but diligent hands bring wealth

-Proverbs 24:33-34 A little sleep, a little slumber, a little folding of the hands to rest--and poverty will come on you like a bandit and scarcity like an armed man Budget The Money Tree Honoring God With Our Money Budget God's Word (and how math can help us ) Money Tools Baring Fruit with our Money Input of Others Jesus the Son -What is a budget?
-A plan for your money
-Income=Giving+Expenses+Savings

-Why make a budget?
-To be good stewards of the resources God has given us
-So that we don't spend more money than we have
-Goal setting How to Make a Budget Income:
Babysitting $60
Allowance $40
Total Income $100
Tithe: $10
Net after tithe: $90
Expenses:
Movies: $10
Starbucks: $15
Reese's for Mrs. Walter $5
Total Expenses $30
Savings: $60 -give to missions
-feed the poor and hungry
-use your $ to spread God's word
-take care of yourself so you can spread God's word
-care for your neighbor Listen to the wisdom of others who have experience, like your parents, pastors, and teachers. Jesus is the light of the world God's Word on Money: - Warns of the dangers of money
-General Warnings: 1 Timothy 6:9-10, Mark 10:25, Proverbs 28:6
-Specific Warnings: Proverbs 22:7, 22:26-27

-Do not allow money to take the place of God
-Matthew 6:24-34, 19:16-30, Luke 12:22-34, 16:13, Proverbs 18:11

-We can't take it with us and it is not ours, BUT we must be good stewards of our money
-1 Timothy 6:6-7, Proverbs 11:4 Psalm 37:21, Proverbs 11:24-25, 13:22, 19:17, 21:13, 21:20, 22:9, -Simple vs. Compound Interest
-The Power of Compounding More Often
-The Power of Compounding Over TIme
-The REAL WORLD!!
-Two Sides to the Interest Coin
-APR vs. APY You get $500 for Christmas and decide you want to save it until it is time to buy a car. In 4 years you plan to buy a car. You go to the bank and they give you two choices. One option is to get a U.S. savings bond that will pay you 5% simple interest. The other option is to put it in a money market savings account that will pay you 5% interest compounded annually. Now you take your $500 to another bank to see what they offer. The new bank only offers compounding interest but with different frequencies. You can choose to have an account that is compounded annually, monthly, or daily.
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