Banks and Banking - PowerPoint PPT Presentation

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Banks and Banking

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Banks and Banking What banks do you know of? Can you name some? SO MANY BANKS!!! Why do you think there are different banks instead of just one? What might people ... – PowerPoint PPT presentation

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Title: Banks and Banking


1
Banks and Banking
  • What banks do you know of?
  • Can you name some?

2
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7
SO MANY BANKS!!!
  • Why do you think there are different banks
    instead of just one?
  • What might people look for in a bank?
  • Why would you save with a bank?

8
OLI To calculate interest rates and decide on
the best bank
  • Today you are going to calculate the amount of
    money a customer would gain in interest with
    different banks.
  • Answer the questions and decide which bank offers
    the best interest rate.

9
HOW TO CALCULATE INTEREST
  • Lets try an example
  • John puts 250 into his bank account with
    Northern Bank
  • Northern bank are giving a 5 interest rate
  • First find 1 of Johns money - 2.50
  • Now times it by the interest rate - 2.50 x5
  • This gives us the amount of interest which is
    12.50
  • How much money does John have in his bank account
    now?

10
Compound interest
  • If John now has 262.50 and the interest rate is
    still 5, how can we calculate his second year?
  • 262.50 divided by 100 2.625 or 2.63
  • 2.63x513.15
  • Add this to the original 262.50
  • His total in the second year is 275.65
  • How much has John gained in interest over two
    years?

11
Success Criteria
  • Find 1 of the customers original amount (divide
    by 100)
  • Multiply this by the interest rate
  • This shows the money gained in interest
  • Add this to the original amount to find the new
    bank balance
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