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Compound Interest Interest Interest Interest Interest Interest Interest Asst. Professor D. Urmston SUNY Orange Begin Learning Objectives Understand the concept of compound interest Calculate compound interest using a spreadsheet

Interest and Interest Rate. Interest ($) = amount owed now – original amount A) $1000 placed in bank account one year ago is now worth $1025. Interest earned is $25. $10,000 borrowed last year from Sharky’s Easy Money, and you now owe $12,000. Interest owed is $2000.

Interest and Interest Rate. Interest ($) = amount owed now – original amount $1000 placed in bank account one year ago is now worth $1025. Interest earned is _____. $10,000 borrowed last year from Sharky’s Easy Money, and you now owe $12,000. Interest owed is ______.

Interest. What is interest? . The amount of money the borrow must pay for the use of someone else’s money Payment people receive when they lend money, allowing someone to use their money Often referred to as APR, or Annual Percentage Rate. What is an interest rate? .

Interest. The rate (percent) that lenders charge their borrowers for the privilege of borrowing money; Rate which is charged or paid for the use of money **Fee paid on borrowed money. You may borrow money for a fee!. Consumer. One who buys goods and services. Consumer Spending:

Interest. Credit Card Example The daily rate is calculated 15% APR Daily rate is 15%/365 or 0.0411% Interest is compounded daily Effective APR is 16.18%. Salary vs. R esidual Income. Earning a Salary. 1:1 ratio of hours worked and dollars earned

Interest and Interest Rate. Interest, I ($) = amount owed now – original amount $1000 placed in bank account one year ago is now worth $1025. Interest earned is _____. $10,000 borrowed last year from Sharky’s Easy Money, and you now owe $12,000. Interest owed is ______.

Interest. Are you interested in ___________? Yes, I’m interested in ___________. No, I’m not interested in ________. Rubik’s cubes. Iron Man. Beast. Are you interested in ___________?. Human Bingo. Speak in English . Only “Yes, I’m interested in ____” answers can make a bingo.