simple-interest--compound-interest
Grade Level: Middle/High School
Objectives:-
- Understand the difference between simple interest and compound interest.
- Calculate simple and compound interest using the appropriate formulas.
- Apply these concepts to solve real-life financial problems.
Lesson Structure
- Introduction and Warm-Up
- Interactive Poll/Chat: Begin with a quick question asking students if they’ve heard of interest on savings or loans. Use the poll or chat feature to gather responses.
- Brief Discussion: Explain that today’s lesson will cover how interest is calculated, both simply and compoundly.
- Explanation of Simple Interest
- Screen Sharing: Share your screen to display the formula for simple interest:
- SI = (P × R × T) / 100
- P- Principal (initial amount)
- R = Rate of interest (in percentage) -
- T = Time (in years)
- Interactive Q&A: Allow students to ask questions or clarify any doubts.
- Explanation of Compound Interest
- Screen Sharing: Present the formula for compound interest
- A = P(1 + r/n)^(nt)
- A = Amount after n years
- P = Principal
- r = Annual interest rate (decimal)
- n = Number of times interest is compounded per year
- t = Time in years
- CI = A - P
- Comparison: Briefly compare the results of simple and compound interest calculations for the same principal, rate, and time period.
- Practice
- Google Form/Worksheet: Share a link to a quick online quiz or worksheet with a few problems to solve individually.
- Include both simple and compound interest problems with varying parameters.
5.Live Feedback
- Review some of the answers live and discuss common errors.
Tools
- Zoom/Google Meet:For live class sessions.
- Google Slides: For presenting concepts
- Jamboard/Zoom Whiteboard: For interactive problem-solving.
- Kahoot/Google Forms:For quizzes and quick assessments.
- Google Classroom:For sharing resources and homework.