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# Simple Interest - Understand Your Money!

Lesson 18 of 21

## 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.

*60 minutes*

#### Launch

*10 min*

**Opener: **As 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**).

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#### Summary + Homework

*5 min*

Instructional Strategy - Table Discussion**: **To 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.

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##### Similar Lessons

Environment: Urban

Environment: Rural

###### The Defining Pi Project, Day 1

*Favorites(2)*

*Resources(31)*

Environment: Urban

- UNIT 1: Introduction to Mathematical Practices
- UNIT 2: Proportional Reasoning
- UNIT 3: Percents
- UNIT 4: Operations with Rational Numbers
- UNIT 5: Expressions
- UNIT 6: Equations
- UNIT 7: Geometric Figures
- UNIT 8: Geometric Measurement
- UNIT 9: Probability
- UNIT 10: Statistics
- UNIT 11: Culminating Unit: End of Grade Review

- LESSON 1: Percent Models - A Visual Approach to Percents
- LESSON 2: Markdown Percent Models - What Percent Are You Paying?
- LESSON 3: Markup Percent Models - Percents Over 100?
- LESSON 4: Percent Models Review - Practice, Practice!!
- LESSON 5: Percent Models Test
- LESSON 6: Finding Percents
- LESSON 7: Finding Percents Fluency - It's a Chain Reaction!
- LESSON 8: Multiple Percents - What happens when you have a discount and tax?
- LESSON 9: Markup and Markdown Review - Are you paying more or less?
- LESSON 10: Markup, Markdown, or Just a Percent? TEST
- LESSON 11: Working Backwards with Percents - What happens when a problem is not straightforward?
- LESSON 12: Working Backward with Percent: Practice Makes Perfect!
- LESSON 13: Performing with Percents - Can you bust some common misconceptions?
- LESSON 14: More Practice with Percents - Practice Makes Perfect!
- LESSON 15: Working Backward and Forward...TEST!
- LESSON 16: Percent Change - By What Percent Did the Value Change?
- LESSON 17: Percent Change - More Practice
- LESSON 18: Simple Interest - Understand Your Money!
- LESSON 19: All Percents Review
- LESSON 20: All Percents Test
- LESSON 21: Proportional Reasoning and Percent - Can you apply the concepts? (3 Day Lesson)