Filling Empty Pockets: Borrowing, Loans, and Credit

Savings Account Worksheet

The following is a model representing how you might format a spreadsheet to help students calculate the amount of money they would have after five years if they put their savings into an account that paid 3% interest. If your students are proficient in the creation of spreadsheets or you have time to teach them how to create one, you could have them create the spreadsheet themselves.

Savings Account Spreadsheet
What is the current balance in your savings account?	$0.00
What interest rate do you earn on your savings account?	3%
How much will you deposit each month?	$50.00
Month	Balance	Interest	Balance after Deposit
1	$0.00	$0.00	$50.00
2	$50.00	$0.12	$100.12
3	$100.12	$0.25	$150.37
4	$150.37	$0.37	$200.74
5	$200.74	$0.50	$251.24
...	...	...	...
...	...	...	...
5 years	$3,171.23	$7.82	$3,229.05