# Money – Simple Interest (Primary 5)

Last Updated on July 26, 2020 by Alabi M. S.

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.