In the first half of class, we discussed interest. I talked about getting loans for cars and houses and gave you tips for your future when it's your turn to start getting loans. Take the time to talk with your parents about loans as well. I explained that banks actually use Compound Interest, but in grade 9, we are only starting with Simple Interest.
Interest Rate: the percentage you are charged per year for borrowing money.
Principal: The amount borrowed
Interest: The "extra" you have to pay back
Time: How long you are borrowing the money for
Formula: I = prt
I = interest
p = principal
r = rate
t = time
Every time you do a question, I want you to write down the list of known information from the question.
HOMEWORK: The Simple Interest Worksheet (10 questions)
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