How to Calculate Interest Lesson Plan
How to Calculate Interest Lesson Plan

Financial Literacy: How to Calculate Interest

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In this lesson, students will learn how to calculate simple interest. This is a foundational skill that is essential for understanding personal finance and making sound financial decisions in the real world. We’ll walk through some examples so that students can see how this concept applies in everyday life.

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Description

In this lesson, students will learn about simple interest. First, students will be exposed to interest as a fee for borrowing money and a way to earn money through a financial institution by setting up a savings account. Next, students will calculate how much interest they owe on a car and various scenarios. Finally, students will be briefly introduced to a changing interest rate based on their credit (good or bad) and see how good credit reduces the loan’s interest rate and overall payment.

Additional information

grade-level

5th Grade, 6th Grade

subject

Math, Social Studies

State Educational Standards

LB.MATH.CONTENT.6.RP.A.3.C, LB.MATH. CONTENT.6.EE.B.6, & LB., & LB. MATH. CONTENT.6.EE.A.2

Lessons are aligned to meet the education objectives and goals of most states. For more information on your state objectives, contact your local Board of Education or Department of Education in your state.

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