Key terminology – principal, interest rate, term/no. of years
Procedural Knowledge
input information provided into online calculator to calculate compound interest
input information provided into online calculator to calculate simple and compound interest
connects repeated applications of simple interest to define compound interest
Use an online digital resource to source authentic information that can then be input into an online calculator to calculate compound interest.
Usefulness in learning declarative and procedural knowledge
Allows students to use their declarative knowledge to input authentic information into the digital resource to solve related problems.
Contains both simple and compound interest calculators that allow students to input the authentic information in order to calculate interest. The simple interest calculator shows a comparison between simple and compound interest.
Very explicit slideshow presentation outlining the effects of compound interest. Whilst the compound interest formula has not been used, the demonstration calculates the simple interest for the first year and then moves on to outline how compound interest is calculated in the second and third years.
Not very useful for learning declarative knowledge however it provides a source for the authentic information required to learn procedural knowledge. Provides link to a Commonwealth Bank loan repayment calculator where interest rates can be obtained.
Evaluation of Digital Resources
Below is an evaluation of our learning object and three of our digital resources.