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Monte Vista High School Compound Interest Activity

Monte Vista High School Compound Interest Activity

Question Description

Compound Interest Activity

Directions: Use the links below to fill in the highlighted blanks

Video:

  1. Compound interest, is interest on ________, while simple interest is the interest earned on the _______ only
  2. $10,000 invested on simple 5% interest over three years would yield $_____
  3. $10,000 invested at 5% compounded annually over three years would yield $_____
  4. The effect of compounding becomes especially powerful over _______ time periods.

Lesson Learned: 1. Compound interest can earn you a lot of money if you give it a lot of time.

Compound Interest Calculator: http://www.moneychimp.com/calculator/compound_inte…

  1. Your beloved grandmother gives you $10,000 (Current Principal) and you invest it at 7% for 30 years (years to grow) compounded annually. Assuming you add nothing else, you would yield $_____.
  2. Let’s say you add an additional $100 a month ($1200 a year) to the above initial investment, you would yield $______.
  3. If the investment for #7 only was invested at an interest rate of 2% you would yield $_______

Lessons Learned: 2. A one-time windfall can grow massive over time. 3. Adding a modest amount to an investment can have a large effect. 4. The interest rate makes a large difference in the money earned.

Home Mortgage Calculator: mortgage calculator (Use the calculator at the top of the results.

  1. Change the Mortgage amount to $500,000. The Monthly Payment is $_______ and the total cost of mortgage is $________
  2. Change the mortgage period to 15 years. The Monthly Payment is $_______ and the total cost of mortgage is $________
  3. Change the interest rate to 8. The Monthly Payment is $_______ and the total cost of mortgage is $________. (The original interest rate was 3.92)

Lessons Learned: 5. Shortening the time to pay a loan can drastically reduce how much you have to pay in the long run. 6. We shorten a loan by paying more per month. 7. A higher interest rate will drastically increase the cost of a home loan.

Additional Lessons to Learn: 8. Having a good credit score will allow you to get lower interest rate loans. 9. You can achieve a perfect credit score by living debt-free

Of all the Lessons Learned and Additional Lessons, which do you feel is most important for you to remember? Why? (50 words)


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