Mathematics - Primary 5 - Commercial Math - Money

Commercial Math - Money

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Term: 2nd Term

Week 6: Commercial Math - Money

Class: Primary 5
Age: 10 years
Duration: 40 minutes of 5 periods
Date:
Subject: Mathematics
Topic: Simple Interest, Discount, and Commission

SPECIFIC OBJECTIVES:
By the end of the lesson, pupils should be able to:

  1. Explain the concept of simple interest in business transactions.
  2. Calculate simple interest using the formula:
    Simple Interest=Principal×Rate×Time100\text{Simple Interest} = \frac{\text{Principal} \times \text{Rate} \times \text{Time}}{100}
  3. Solve problems involving discount and commission.
  4. Relate commission, discount, and simple interest to real-life situations.
  5. Solve quantitative aptitude problems related to simple interest, discount, and commission.

 

INSTRUCTIONAL TECHNIQUES:

  • Demonstration
  • Problem-solving approach
  • Use of real-life scenarios (banks, post offices, markets, etc.)
  • Group work and interactive discussions

 

INSTRUCTIONAL MATERIALS:

  • Chart showing the formula for simple interest, discount, and commission
  • Real-life examples (newspapers, advertisements, etc.)
  • Whiteboard, markers, and erasers
  • Worksheet for practice

 

INSTRUCTIONAL PROCEDURES:

PERIOD 1 and 2: Introduction to Simple Interest

Step

Teacher’s Activity

Pupil’s Activity

STEP 1 – INTRODUCTION

Introduces the concept of simple interest in business transactions (e.g., loans, savings).

Pupils listen and ask questions for clarification.

STEP 2 – EXPLANATION

Explains the formula for calculating simple interest:

Simple Interest=Principal×Rate×Time ÷ 100

Pupils listen, take notes, and ask questions.
     

.

Provides examples such as savings accounts and loans

Pupils observe and solve a similar problem in their notebooks.

STEP 3 - DEMONSTRATION

Demonstrates a simple interest calculation:

Principal = N1000, Rate = 5%, Time = 2 years.

  

STEP 4 - PRACTICE

Assigns pupils to calculate simple interest for different scenarios in their exercise books

Pupils complete their calculations with the teacher’s guidance

NOTE (On the Board):

  • Formula for Simple Interest
    Simple Interest=Principal×Rate×Time ÷ 100=
  • Example:
    SI=1000×5×2÷ 100  =  = 100

EVALUATION:

  • Ask pupils to solve the simple interest calculation for different amounts.
  • Example: What is the simple interest on N2000 at 7% for 3 years?

CLASSWORK:

  • Calculate the simple interest for the following:
  1. Principal = N500, Rate = 10%, Time = 1 year
  2. Principal = N1500, Rate = 6%, Time = 4 years

ASSIGNMENT:

  • Write 5 scenarios and calculate the simple interest for each.

CONCLUSION:
The teacher summarizes the concept of simple interest and commends the pupils for their effort.

 

PERIOD 3 and 4: Discount and Commission

Step

Teacher’s Activity

Pupil’s Activity

STEP 1 - INTRODUCTION

Introduces the concept of discount and commission, explaining their relevance in business transactions.

Pupils listen attentively and ask questions.

STEP 2 – EXPLANATION

Discount=Discount Rate×Original price

Pupils take notes and ask for clarification if needed.

 

Commission=Commission Rate×Sales price

  

 

Provides real-life examples of shopping discounts and sales commissions

  

.

    

STEP 3 - DEMONSTRATION

Solves a problem on calculating discount and commission:

  • A 20% discount on an item priced at N2000.
  • A 10% commission on a sale of N5000

Pupils follow along with their own examples.

STEP 4 – PRACTICE
  • Assigns problems to pupils:
  • Calculate the discount for a N1500 item with a 15% discount.
  • Calculate the commission for a N2000 sale at 12%.

Pupils complete the problems independently

 

NOTE (On the Board):

Discount=Discount Rate×Original price

Commission=Commission Rate×Sales price

 

Example:
Discount=20% ×2000=400 Naira

Commission=10%×5000=500 

EVALUATION:

  • Ask pupils to calculate the discount and commission for different scenarios.
  • Example: A N5000 item is sold with a 10% discount. What is the discount?

CLASSWORK:

  • Solve the following:
  1. A N3000 item is sold with a 12% discount. What is the discount?
  2. A salesperson earns a 5% commission on a N10,000 sale. What is the commission?

ASSIGNMENT:

  • Write a paragraph explaining how discount and commission apply in a real-life transaction, such as buying a product or working as a sales assistant.

CONCLUSION:
The teacher reviews the concepts of discount and commission, emphasizing their importance in business.

 

PERIOD 5: Simple Interest, Discount, and Commission Applied

Step

Teacher’s Activity

Pupil’s Activity

STEP 1 - INTRODUCTION

Recaps simple interest, discount, and commission.

Pupils recall concepts from the previous lessons.

STEP 2 - EXPLANATION

Solves a word problem that involves all three concepts, such as a business transaction with interest, discount, and commission.

Pupils listen, observe, and take notes.

STEP 3 - DEMONSTRATION

Demonstrates solving a combined problem:

  • A loan of N2000 at 5% interest for 2 years.
  • A 10% discount on an item priced at N3000.
  • A 5% commission on N5000 worth of sales

Pupils observe and work through the problem

STEP 4 - PRACTICE

Assigns pupils to solve a combined word problem involving simple interest, discount, and commission

Pupils complete the problem in their notebooks

EVALUATION:

  • Provide a real-life scenario combining interest, discount, and commission. Ask pupils to calculate all three elements.

CLASSWORK:

  • Solve a problem combining simple interest, discount, and commission. Example:
    • A loan of N1000 at 6% for 3 years.
    • A 15% discount on an N8000 item.
    • A 10% commission on N6000 sales.

ASSIGNMENT:

  • Write 3 scenarios and solve the problems involving interest, discount, and commission.

CONCLUSION:
The teacher reviews the application of simple interest, discount, and commission in business.