Key Terms

Compound Interest:

> Interest calculated on both the principal and the accrued interest.

Compounding Period:

> Period of time which interest is computed.

Finance Charge:

> Fee charged for the use of credit or the extension of existing credit. May be a flat fee or a percentage of borrowings.

Interest:

> a fee paid for borrowing money or earned for lending money

Principal:
> The amount invested or borrowed.

Simple Interest:

> A method of calculating the interest charge on a loan

Credit:

> Ability to obtain goods or service before payment, based on the trust that payment will be madde in the future: "Unlimited credit"

Cash Advance:

> Provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash.

Down Payment:

> Payment made in cash during the onset of the purchase of an expensive good/service.

Loan:

> A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Amortization Period:

> Period of time for economic recovery of the net investment project.

Line of Credit:

> Credit Line: The maximum credit that a customer is allowed.

Overdraft Protection:

> Occurs when withdrawals from a bank account exceed the available balance.

Default:

> Failure to fulfill an obligation, especially to repay a loan or appear in a court of law. 

Collateral:

> Something pledged as a security for repayment of a loan.

Asset:

> Useful or valuable thing, person or quality
> Property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.

Hello everyone! I am Queenie and I am going to tell you what we did in class today.

In today's class. Mr. P introduce a new topic on us PERSONAL LOANS, LINES OF CREDIT AND OVERDRAFTS. and Mr. P talk about some of the Key terms that we need to review and memorize some of definition because the key terms are included in the test. and I just found good tutorial on personal loans, line of credit CLICK HERE .

That link will gives you all the steps how to calculate the question about loans, or a line of credit. and some key terms too.

I would like to remind you about ..
Credit Card Project that will be due on Monday and 
to review the unit 1- Credit & Interest for our first unit test that will be on Monday too also
iPhoto Project will be due on 18th of October

Store Promotion

Hi Everyone, I'm Jane. In today's class, Some of us forgot to bring a flyers, so Mr. P.Mr. gave us a flyers and looked for Store Promotion.  We reviewed store promotions and we saw the difference offers from every stores. It's up to you which store you will buy, what do you think is much better for you or just comfortable to it. Then we answered the first problem in our booklet.

Example given:

a) If she choose option 1, She would pay the deferred payment plan of $899.99 including the delivery charge of $30.00 and the administration fee of $75.00.

 $30.00 + $75.00 =  $105.00

b) Calculate the total cost of the Sofa if she buys it on the deferred payment plan.

Deferred payment plan of  $899.99 plus the Delivery charge of  $30.00 plus the Administration Fee of  $75.00 total of  $1004.99

c) If Mi Jung used her credit card to buy a sofa.

* used the formula of Simple Interest.

I=Prt
I=(899.99)(0.21)(31/365)
I=16.05 + 899.99
I=916.04

d) Mi Jung should've save $105.00 if she bought it in cash for the sofa, rather than using the deffered payment plan.

$1004.99 - $899.99 = $105.00

That's how we calculate those problems, I hope you understand what I have explained.

By the way guys I would like to remind you about to our projects ^_^
Credit Card Project will be due on Friday

iPhoto Project Rubric will be due on 18th of October

Hi everyone I am Natasha here and I am going to tell you what we did in class today. In today's class Mr.P stared off by telling us that his house alarm went off and how he don't care if his belonging get stolen. After that Mr.P showed us some new links that can help us understand simple interest and compound interest more easer you can find the links at our class website just click Essential mathematics 30S then look for Extra class notes and resources.Then we did some examples with simple interest and compound interest in our book pages 18-19 and don't worry if you were absent just go on our class website at iLearnwithmrp.pbworks.com to see today's lesson, then we got our homework which is Understanding a credit card statement worksheet that's due tomorrow so don't forget to do it :)

P.S the credit card project is due on the day of our test which is the Friday of next week so get stared now and the iPhoto project is due Oct 18 so don't forget to do it.     

Hello everyone! I'm Ashveer, from your Grade 11 essential math class, and I'll be reviewing what we learned on September,16, just in case you were absent or just need to review the material.

 Basically, what we did is start a worksheet (Compound Interest) and worked on that for the majority of the class. Other than that, we hadn't learnt any new material.

 If you had forgotten how to do the questions, just remember that you have the formula in your booklet as well as examples that we did in class! I also found a video that show you ow to calculate compound interest!

 Just a little reminder that we also have a credit card report due on the day of our test, which will most likely be next week or the week after. Also, we have our IPhoto project that's due in October. Better to finish it now than last minute!  

Have a good day everyone! 

Hello everyone! It's Angela and i'm here to let you guys know exactly what happened in Friday's class, on September 13th. Whether you were absent or maybe you did not understand what we were learning, hopefully this post will help you out!

On Friday we learned Compound Interest. It is similar to Simple Interest but includes just a few more steps. In class, we worked individually on the first four examples in the booklet. As the class progressed, Mr. P showed the steps to a few of the examples on the smart board to make sure everyone was understanding how to use the formula. Both the simple interest and compound interest  work sheets can be found here. It is expected out of the class to do both examples 5 and 6 for homework. We learned more in depth about the difference between compound interest and simple interest, and which one would give the customer more money. We were even introduced to Rule 72, which can be found in your booklet. If you still cannot get the hang of the new formula, its ok! Here is a video I found on compound interest, just to jog your memory

We were given a credit card project that consists of a two page report on three different credit cards. Two will be credit cards such as MasterCard, Visa, etc. and the third will be a department store card, such as The Bay or Sears. To complete the project to the best of our abilities, Mr. P handed out a criteria sheet. Make sure to receive the assignment from Mr. P! The project will be due on the day of the unit test, which will approximately be in a week or so. Don't procrastinate!

Don't forget that the iPhone project will be due on the 18th of October! Any questions concerning either projects, assignments, or tests should be asked directly to Mr. P or any of our classmates.

Hope this helped and have an awesome weekend everyone!
                                                                                                 -Angela :-)

Hi everyone.
I just found good tutorial on Simple Interest.
Click here to watch the video.

So for the pass couple of days in math class we have made a google account for the class and then mine just started working today !! Oh yeah aha ... we have a photo project due on the 18 next month. we got a booklet on how to work with interest..  😊😊😊 the worksheet we are working on atm is simple interest worksheet. The formula for that is I=prt 

In class today we learned about formulas for finding interest, principal, rate and time. For example the formula to find Interest (I) is I over PRT.