Tag: Bank

24. Compound Interest – page 10 – 11

Kia Ora.

FINANCIAL LITERACY – FIO 3-4

Last week, my class and I were learning about Compound Interest (I’ll be talking about the main thing we did.) — which means that banks pay interest on money in savings accounts, so your money grows. Earning interest on interest already earned is called compound interest. Compound interest makes the capital investment (the money you deposit) grow faster. For this maths activity, I had to buddy up with a classmate and equip a calculator. I worked with my friends but I was practically doing most of the work.

How we worked out adding up onto Connor’s bank (Connor the twin if you seen my last maths blog), was easy. Connor had 1000$ and wanted to save it so he could earn interest in it. That’ll give the opportunity for Connor to have more money to spend later. Hereby is an example of how me and my class worked out on how to add more to his interest:

Down below (I’m referring to the image) is what we had to work out. (yr 1 – 11.) To get the interest of 7% works like this according to how the book explained on how to get interest – $1,000 (the capital) invested at an interest rate of 7% earns $70 the first year. If this $70 interest is added to the capital and reinvested for another year, this makes the capital investment larger. ($1,070), so at the end of the second year, the interest will be even more (1,070 x 0.07 = 74.90).

To get the balance, you have to plus the capital (the 1,000) and the interest (the 70) like for each year obviously the numbers get higher and you have to plus the same year capital and interest in order to get the wanted balance.

Here’s an example that I worked on in my maths book.. (I converted it into a google drawing so you can see it clearly).

Did you learn something new? Comment if you did. If you didn’t, still comment on what you think.

God bless. 🫰

24. Different Decisions – Savers or Spenders

Kia Orana!

FIO LVL 3 – 4 is the maths book we’re working on.

Last week to this weeks Monday, our class had to check the differences between the twins, Connor (boy) and Rebecca (girl), mentioned in the FIO maths book about their bank statements. We had to figure out who is the spender, and who is a saver. The two twins started off with the same cash in their savings account ($90).

People have different financial personalities, so we examined Connors band statement and saw that he had quite a lot of cash saved (1,213.09). After that, we checked Rebecca, who had less cash saved than Connor (1,047.48). Using those numbers, we got to identify who is the spender, and who is the saver. Easily, the saver is Connor (brainy) and the spender is Rebecca.

They both are twins, but different – Because their Transaction, Debit/withdrawal Credit/Deposit and balance, aren’t as similar as their genes are.

Once our class figured that out, we had to answer questions from A to H.II that were included in the book. Which one are you? A spender or saver? Personally, I am a saver. I think that I’m a saver because if you save money, you’ll become quite decent in cash. Like I would spend a tad money, but it’ll be on a budget with the things that I want to use my money for. When closing the bank, you’d become richer than you thought. (I’m not greedy, I just want lots of cash so I can help my family out or myself.)

Comment down if you understood something or agree with my decision (saver). If you disagree, still comment why you disagree so you can maybe persuade me into becoming a spender.

Bye!

 

24. Budgeting Economics

Kia Ora, Reader.

WALA: BUDGETING> AS PART OF ECONOMICS.

Me and my class were learning about budgeting. we had to classify a list of expenses in an order of “Want”, and “Need”. I worked with my Twin to help me with my work and she did the “Want”(on the left) list of expenses and I did the “Need” part(on the right side of the poster). We did our ‘Must Do’ on Canva, because it was easier to design our portrait and add some elements onto our canvas to make it seem more interesting to look at. We tried to make the theme money to match the budgeting 

Here it is down below, hope you like it!!

 

Bye! Thanks for your time, comment down below what you think.