Declarative and Procedural Knowledge

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Declarative Knowledge
 Procedural Knowledge
  • Know the difference between compound and simple interest
  • Know the key terminology (principal, interest, rate, term, simple interest, compound interest, repayments
  • Know the formulas for calculating simple and compound interest
  • Use online loan calculators to workout loan repayments and total interest over 1, 2 and 3 years
  • Use algorithm to calculate compound interest
  • Use digital resources to connect compound interest formula to repeated applications of simple interest
  • Calculate compound interest and solve related problems using the information provided