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1) Lesson Objectives:
1) Lesson Objectives:
You should be able to
use the formula to find compound interest
use the formula to find the different variables in the formula
Success Criteria:
I am able to
connect to the formula required when I see compound interest.
use the formula to find either principal amount, rate or time.
change the rate and time according to how the interest is compounded (eg: monthly, half yearly etc)
Always look through all examples in textbook before lesson.
Compound Interest Formula:
Compound Interest Formula:
Where:
A = Total amount
P = principal amount
R = rate
n = number of times interest is compounded.
The compound interest formula can be used to find the following:
The compound interest formula can be used to find the following:
FIND:
Total Amount (A): You will need values for P, R and n.
Compound Interest (CI): You will need values for P, R and n. To find CI: CI = A - P
Principal Amount (P): You will need values for A, R and n.
Rate (R): you will need values for A, P and n.
Number of times compounded (n): you will need values for A, P and R.
Video Lesson:
Video Lesson:
How to find n and R when compounded differently?
How to find n and R when compounded differently?
Other Video(s):
Other Video(s):
Difference between simple interest and compound interest.
Difference between simple interest and compound interest.
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