Lesson 9
Introduction to Financial
Welcome
In this lesson, we will work with a few very important financial calculations that will help us manage money. The ClassPad’s Financial application is easy to use and has many different financial calculations that you may find useful in your studies or at work.
Lesson Goals
- To understand simple interest
- To understand compound interest
- To understand what is meant by APR
- To become comfortable finding the amount of interest paid
- To understand what principal is
In Lesson 9 you will learn how to:
- Input data into a financial calculation
- Calculate simple interest
- Calculate interest compounded daily or monthly
- Find the total amount paid when purchasing on credit
Upon completion of this lesson you will be able to answer the following questions:
- What does PMT stand for?
- In the world of finance, what does principal mean?
- What is an input box called in the Financial application?
- Is it better to pay cash or buy on credit? Why?
- What does APR stand for?
- What is one way that we can reduce the amount of interest that we pay on a loan?
Time Required
About 70 minutes.