The students will have had prior lessons to teach them to read , write and compare fractions, decimals and percents.

The students have skill the enable them to convert fractions, to decimals and use in estimations, computations and applications.

The students will have previous opportunities to solve real world problems that involve discounts and mark-ups.

The students will previously computed percent increase and percent decrease.

The students will have a prior knowledge of: simple interest,and conversion of percents to decimals. They will have been involved in real-world discussions about banking(investments), borrowing (car loans), and home mortgages.

:It is important to review Simple Interest before teaching compound interest. I like to use a discovery education video to help introduce a concept. The link can be found below.

Teach the parts of the formula I=PRT

Explain I is the interest, the money earned or owed

P is the principle, the money you start with invest or borrow

R is the rate in decimal form example 5.4% 5.4/100 = 0.054

T is the time in years. Therefore, if 6 months is written, this needs to be converted to 0.5 years.

Then, explain to the students how to use the formula to find simple interest.

Introduce compound interest discuss the definition.

Take the students through the steps of setting up the spreadsheet to calculate compound interest. Take them step-by-step through the process of writing the formulas in the cells.Use the SmartBoard the demonstrate to the students how to find use the spreadsheet. Have them compare their answers with what the teacher has calculated on the demonstration spreadsheet. Introducing the spreadsheet and compound interest will take one class period.

Day 2

Allow the students to work in small groups to complete the exercises on page 294, in the Math Connects Course 3 book.

After the students finish the lab. They need to answer the questions on a Word document and submit it electronically to the moodle account or what the teacher has prepared for student submission. The word document includes Q1- where the students show all the steps to solving a simple interest problem. Then, they need to answer Q2 and Q3. Their supporting work will be turned in from the Excel Spreadsheet documents. The students need to submit 3 different Spreadsheet documents. Q1- is the document competed during the demonstration, Q2B-is the interest compounded semi-annually, Q2C - the interest is compounded quarterly.

Extended Activity

Allow the students to research the sale price of a car they would like to purchase. They need to download a picture of the car and write the purchase price of the car by the picture. Then, have them make a spreadsheet to show how much they would pay if they took out a loan to pay for the car. The loan would be 5% for 5 years compounded semi-annual. The students need to state clearly how much in total they would pay for the car they wish to purchase. .

How cool that 7th graders are able to use Excel to demonstrate compound interest!