# Money – Simple Interest (Primary 5)

MATHEMATICS

SECOND TERM

WEEK 4

PRIMARY 5

THEME – MENSURATION

PREVIOUS LESSON – Second Term Scheme of Work and Plan Lesson Notes for MATHEMATICS Week 1 to Week 12 Primary Schools

TOPIC – SIMPLE INTEREST

PERFORMANCE OBJECTIVES

By the end of the lesson, the pupils should have attained the following objectives (cognitive, affective and psychomotor) and should be able to solve problems on simple interest.

ENTRY BEHAVIOUR

INSTRUCTIONAL MATERIALS

The teacher will teach the lesson with the aid of money and receipt of payment.

METHOD OF TEACHING – Choose a suitable and appropriate methods for the lessons.

Note – Irrespective of choosing methods of teaching, always introduce an activities that will arouse pupil’s interest or lead them to the lessons.

REFERENCE MATERIALS

1. Scheme of Work

2. 9 – Years Basic Education Curriculum

3. Course Book

4. All Relevant Material

5. Online Information

CONTENT OF THE LESSON

## LESSON ONE – INTRODUCTION

Teacher’s/Pupil’s Activities 1 – Simply Interest

Teacher’s comments – To start a business, someone needs money. Mention places where ones can get money to start a business.

Expected Response

We can get money from savings, family and friends, donations, gifts, bank, etc.

Teacher’s remark – We can borrow money from family and friends with or without interest. We can also borrow from the banks with interest. This interest is called simple interest. Simple interest is a quick and easy method of calculating the interest charge on a loan or investment.

Teacher’s/Pupil’s Activities 2 – Simple Interest

Find the The trader Invests ₦2000 in a company that produces and sells cap. How much Interest will he get after 2 years at 10% per annum?

First, find the 10% of ₦2000

= ₦2000 x 10/100

= ₦200

Secondly,

= ₦200 x 2

= ₦400

Or

Interest

= (₦2000 x 2 x 10)/100

= ₦20 x 2 10

= ₦400

Teacher’s remark – The ₦2000 is known as the principal, (P). 10% is known as the rate (R) while 2 years is known as time (T).

Therefore, Simple Interest (I) = (P x R x T)/100

Pupil’s Activities 2 – Simple Interest

A trader borrowed ₦3000 for 2 years at 9% per annum is found. Find the simple interest.

I = (P x R x T)/100

Where P = ₦30 000, Rate = 9% and Time = 2 years

I = (₦3000 x 9 x 2)/100

= ₦30 x 9 x 2

= ₦540

Pupil’s Activities 3 – Exercises/Assignment

1. An investor invested ₦250 for 5 years at 5%, Find the total amount received at the end of 5 years.

2. Mr. Kola borrowed ₦5000 for 3 years at 5% per annum is found. Find the simple interest.

LESSON TWO AND THREE, continue to work with the pupils on series of problems on simple interest.

LESSON FOUR – QUANTITATIVE REASONING

As stated in the quantitative book and textbook.

PRESENTATION

To deliver the lesson, the teacher adopts the following steps:

1. To introduce the lesson, the teacher revises the previous lesson. Based on this, he/she asks the pupils some questions;

2. Guides pupils to solve problems on simple interest.

Pupil’s Activities – Solve problems on simple interest.

CONCLUSION

• To conclude the lesson for the week, the teacher revises the entire lesson and links it to the following week’s lesson.
• Next Lesson –

LESSON EVALUATION

Pupils to solve problems on simple interest.