# 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 InterestFind 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

= ₦20

~~00~~x 10/1~~00~~= ₦200

Secondly,

Multiply your result by 2

= ₦200 x 2

= ₦400

Or

Interest

= (₦20

~~00~~x 2 x 10)/1~~00~~= ₦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 yearsI = (₦30

~~00~~x 9 x 2)/1~~00~~= ₦30 x 9 x 2

= ₦540

Pupil’s Activities 3 – Exercises/Assignment1. 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. **