Compound Interest
Haese Mathematics MYP 4 - Chapter 11E.1 and 11E.2, page 164
Embedded Files
Numbers Beyond School:
Numbers Beyond School:
You will use these skills in home budgeting, finance, money handling
Success Criteria:
Success Criteria:
You will be able to:
Identify and apply correctly the compound interest formula
Identify each element in calculating compound interest and find the value of all except time periods (n) using the formula
Understand the difference between simple and compound interest
Rearrange the formula to solve for the unknown value
Prior Knowledge:
Percentages
Time periods
Rearranging equations
Key Vocabulary:
Present value, future value, rate of interest initial, borrow, repay, investment, per annum
New Knowledge:
New Knowledge:
Notes:
Interest given in a scenario needs to be first converted to decimal form
Read each question carefully to understand whether you are finding the interest or total amount saved/owed
Divide the total repayment amount by the time period of loan to find the regular repayments
Use the compound interest calculator toward the bottom of the page to solve some of the questions
Extension worksheet:
Additional Resources
Additional Resources
Google Sites
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