Chapter 5, section 2 Calculating interest.

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Presentation transcript:

Chapter 5, section 2 Calculating interest

I can… Calculate interest using simple interest tables. Calculate interest using the daily interest factor.

How to use a simple interest table Most banks use computers or special calculators to find interest and calculate payment amounts on loans. However, some lenders use interest tables as a quick reference chart. Example 1 & 2, p. 179. Check your understanding A, B, C, & D.

How do I know how much interest I’m paying per day? You can calculate this using the daily interest factor. Before substituting your rate into the formula you must change it to a decimal! Daily interest factor = principal x (rate/number of days in year) Example 3 & 4, p. 181 Check your understanding G & H