Whole Numbers 7

Mathematics J.S.S 3 First Term

Theme: Number and Numeration

Sub Theme: Whole Number

WEEK 7

Whole Numbers 7

Performance Objectives

Students should be able to;

1. Solve Simple interest
2. Solve compound interest
3. Solve Problems on compound interest

Compound Interest

Content

Interest

Interest is the payment given for saving money. It can also be the price paid for borrowing money.

Simple Interest

When interest is calculated on the basic sum of money saved (or borrowed) it called simple interest.

To find the simple interest,

formula: Simple interest or Interest = or

Note;

Principal is the amount of money you borrow or invest.

Rate of interest is the percent charged for the use of money,

Time is the duration  

Percentage charged…