Lesson plan

Use simple interest to solve a real world savings account problem

teaches Common Core State Standards CCSS.Math.Content.7.EE.B.3 http://corestandards.org/Math/Content/7/EE/B/3
teaches Common Core State Standards CCSS.Math.Content.7.RP.A.3 http://corestandards.org/Math/Content/7/RP/A/3
teaches Common Core State Standards CCSS.Math.Practice.MP1 http://corestandards.org/Math/Practice/MP1
teaches Common Core State Standards CCSS.Math.Practice.MP2 http://corestandards.org/Math/Practice/MP2

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Big Ideas: Simple interest increases the amount of the principal based upon the interest rate and the length of the investment. In this task, students will use the simple interest formula (I=prt) to explore how various rates and time affect interest earned on a savings account. Students will examine a monthly rate as well as a yearly rate. Students may use a guess and check table or may be encouraged to construct an equation which provides a constant of proportionality. Vocabulary: constant of proportionality, equation, interest rate, interest amount, principal Special Materials: No special materials are needed for this task.