Understanding Simple Interest: A Practical Math Lesson for Homeschoolers

Teaching financial literacy early can empower students for life. This printable lesson plan and worksheet set from Lula Grove Homeschool Nook introduces middle-grade learners to simple interest—a foundational concept in personal finance and math.

Students will learn to calculate interest using the formula:

$I = P \times R \times T$

Where:

I = Interest
P = Principal
R = Rate (as a decimal)
T = Time (in years)

The included worksheet features five real-world problems, including a challenge question, and the lesson plan outlines a 45–60 minute session with guided practice, independent work, and review.