4 Installment Plans & Consumer Loans

3.5 Compound Interest Formula

As you've found leading up to this lesson, compound interest problems can become very complicated very fast. The solution to this complexity is the compound interest formula. Below are the lecture notes & examples from 3.5, Compound Interest.

3.4 Intro to Compound Interest

Easily said, compound interest is interest on interest.

3.3 Savings Accounts & Simple Interest

This section examines savings accounts and simple interest. Though you will rarely see simple interest anywhere other than the 1st payment on a mortgage, it is the foundation of all other types of interest.

Remember the factors of how much interest you get (or pay)...

Principle

Rate (APR)

Time (years)

3.1 Checking & Register

How much are groceries?

We are well into our term project on creating a Frequency Budget Plan and Annual Budget Matrix. Many have asked "How much should I set aside for groceries?". Well...our friends at the USDA have done this calculation for us. Below is the chart, it factors in your age, gender and how much you eat. Remember, the more groceries you consume, the less you're dining out which is EXPENSIVE!

Soon I will post a rubric so you know how to get full credit and beyond on your projects.

Best of luck these next few intense weeks before a long winter's nap!