Simple Interest - Understand Your Money!

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Objective

Students will be able to calculate simple interest.

Big Idea

What do you mean I have to pay an extra $500, I only borrowed $400! This lesson gives kids an insight into the concept of simple interest.

Launch

10 minutes

OpenerAs students enter the room, they will immediately pick up and begin working on the opener – Instructional Strategy - Process for openers.  This method of working and going over the opener lends itself to allow students to construct viable arguments and critique the reasoning of others, which is mathematical practice 3

Learning Target:  After completion of the opener, I will address the day’s learning targets to the students.  Today's target is “I can calculate simple interest.” Students will jot the learning target down in their agendas (our version of a student planner, there is a place to write the learning target for every day). 

Thoughts from Me! Students will need to pay careful attention to precision when moving the decimal point and completing the calculations (mathematical practice 6).  Percents lend themselves to real world application problems, requiring students to model and reason given models (mathematical practices 2 and 4). Students will be permitted to use tools as needed - calculators and bar models (mathematical practice 5). 

Explore

45 minutes

Summary + Homework

5 minutes

Instructional Strategy - Table DiscussionTo summarize this lesson, I am going to ask that students have a table discussion on simple interest in comparison to the other percent problems we have been solving – as I have been sneaking these problems into their openers now for a few days.  I want them to draw connections as to why they were able to solve those problems before we even learned the lesson on simple interest.  I will have tables share out to promote good discussion.

Homework: As students are having their table discussion, I will pass out the night’s assignment.  This assignment allows students to practice the concept of simple interest, which is really just an extension of the percent equation. Students will have the opportunity to begin the assignment just to make sure they don’t have any glaring questions before they leave my class.