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.