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Lesson overview:Growing money

  • By the end of the lesson, pupils will have: -know that by saving money in a bank/building society, people can earn interest. -recognise that by borrowing money in order to buy something, it is known as a 'loan', which usually has a general interest charge, so we pay back more than we borrow - create a feelings' map of how someone might feel when they borrow money.
  • By the end of the lesson, pupils will have: -know that by saving money in a bank/building society, people can earn interest. -recognise that by borrowing money in order to buy something, it is known as a 'loan', which usually has a general interest charge, so we pay back more than we borrow - create a feelings' map of how someone might feel when they borrow money.

Today we will look at interest rates. How do they work when we are saving money with a bank or building society? And how do they work when we are borrowing from them?

Objective: to learn what the terms 'interest' and 'loan' mean.