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Subject:

mathematics

Class:

class VII

Key Concepts

simple interest, principal, interest, amount, rate, profit and loss

essential questions

1. What is simple interest? How do we use it in everyday life?
2. What do various variables represent?
3. How can I use percent's to calculate simple interest?
4.What is profit and loss and how do we use it in real life?

Remembering:

Simple Interest:

  1. Principal= Rs 100000 Rate of interest =8% Time = 8 years. Calculate the simple interest?

understanding:

Simple Interest

  1. Ryan deposited Rs 200000 in a savings account at the interest rate of 4 %. How much simple interest will he earn in 5 years?
  2. If Rs 54000 has been invested in an account at a savings rate of interest at 5% per annum. How much time will it take to increase the original amount by Rs 7500?
  3. Anna invested $2500 at an annual rate of 5%. How long will it take until Anna earns $ 1125?

Profit and Loss

  1. James buys a video game for his Xbox for $49.99, a controller for $34.95, and a walk through manual for $19.99. The sales tax in his area is 8.25%. What will be the total cost of his purchase?
  2. If the market price of an article Rs 400 and it is sold at a discount of 10%, find the net selling price.
  3. If the list price of a bicycle is Rs 1000 and it is sold for Rs 900, find the discount percent.
  4. If the article is sold Rs 450 after allowing a discount of 10% find the list price of the article.

Application:

Simple Interest

  1. Garima borrowed Rs 40000 from bank as a personal loan at interest rate of 8% per annum. She repaid the amount in 2 years. How much more did she pay from the borrowed money? What the percentage was this extra amount of the original money borrowed.
  2. Kelly puts $350 in a savings account. The savings account accrues interest at a flat rate of 1.05% a month. How much will the account be worth in 7 months?

Profit and Loss:

  1. Ela buys skateboards for her store. She mark-ups up the prices by 40% of what she paid for them. If she purchases a gold series skateboard for Rs7550, how much will she charge for the skateboard in her store?
  2. Tina has gone for a sale. Everything on the shelf is 35% off the marked price. She falls in love with a pair of red heels that are marked Rs 649. What will the actual selling price be?

Analysis:

Profit and Loss:

  1. A trader marked his goods at 20% above the cost price. If the customer allows a discount 10%, find his profit percent.
  2. A bicycle dealer allows 10% discount and still makes a profit of 20% on his bicycle. If total profit he makes is Rs150, find the list price of the bicycle.
  3. A trader marked his goods at 20% above the cost price. If he gives 10% discount to his customers. Find his profit percent.

Evaluation:

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