SS.8.FL.3.2

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Explain that, for the saver, an interest rate is the price a financial institution pays for using a saver’s money and is normally expressed as an annual percentage of the amount saved.

Remarks

Define an interest rate as the price paid for using someone else’s money, expressed as a percentage of the amount saved.
General Information
Subject Area: Social Studies
Grade: 8
Strand: Financial Literacy
Standard: Identify and compare the different means and risks of saving and investing money, including the impact of inflation and interest rates.
Date Adopted or Revised: 06/14
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2104060: M/J Introduction to Personal Financial Literacy (Specifically in versions: 2019 - 2022, 2022 - 2023, 2023 - 2024, 2024 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.8.FL.3.AP.2: Identify an interest rate as the price paid for using someone else’s money, expressed as a percentage of the amount saved.

Related Resources

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Lesson Plans

Comparing Simple Interest and Compound Interest:

Students will analyze and manipulate a spreadsheet to compare the effects of simple interest and compound interest when borrowing or saving money, in this lesson plan.

Type: Lesson Plan

In Whose Best Interest is Interest?:

Students will use simple interest to explore real world examples of interest rates. Students will explore loan rates, CD rates and compare benefits of different rates versus different terms of loans.

Type: Lesson Plan

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