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Personal Finance

Section 7: Interest

SECTION DESCRIPTION
In these lessons, students will make a connection to incentives and interest. This connection shows how interest can be an incentive to borrow wisely. Students will differentiate by calculating compound and simple interest. These lessons incorporate the use of technology and online financial calculators.

FOCUS QUESTION FOR THIS SECTION

  • How does interest affect the financial choices people make?

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LESSON OBJECTIVES

  • Define incentive as something that encourages an action or behavior.

  • Define interest as the payment for borrowing money over a period of time.

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LESSON OBJECTIVES

  • Explain how incentives change people’s choices and behaviors.

  • Explain how interest rate and loan length affect the cost of credit.

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LESSON OBJECTIVES

  • Calculate simple and compound interest earnings.

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LESSON OBJECTIVES

  • Demonstrate using an online financial calculator to calculate the cost of a loan under various interest rates over various lengths of time.

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LESSON OBJECTIVES

  • Demonstrate using an online financial calculator to calculate the cost of a loan under various interest rates over different lengths of time

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