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Lesson Menu

Main Idea and New Vocabulary

NGSSS

Example 1: Find Simple Interest

Example 2: Find the Interest Rate

Example 3: Find the Total Amount

Five-Minute Check

- interest
- simple interest
- principal
- compound interest

MA.8.A.6.4 Perform operations on real numbers (including integer exponents, radicals,percents, scientific notation, absolute value, rational numbers, and irrational numbers) using multi-step and real world problems.

NGSSSFind the simple interest for $2,000 invested in a savings account at 5.5% for 4 years.

I = prtWrite the simple interest formula.

I = 2,000● 0.055● 4Replace p with 2,000, r with 0.055, and t with 4.

I = 440

Answer: The simple interest is $440.

Example 1Find the simple interest for $980 invested in a savings account at 4.5% for 3 years.

A. $44.10

B. $132.30

C. $1,112.30

D. $1,323.00

Example 1 CYPFind the Interest Rate account at 4.5% for 3 years.

LOANS Callie borrowed $4,500 from a bank to pay part of her college tuition. She will repay the loan by paying $120 a month for the next four years. Find the simple interest rate of the loan.

First find the total that Callie will pay.

$120 ● 48 = $5,760 4 years = 48 months

She will pay $5,760 – $4,500 or $1,260 in interest. So, I = 1,260.

Example 21,260 account at 4.5% for 3 years.

Divide each side by 18,000.

Find the Interest Rate

I= prtWrite the simple interest formula.

1,260= 4,500● r ● 4Replace I with 1,260, p with 4,500, and t with 4.

1,260 = 18,000r Simplify.

0.07 = r Simplify.

Answer: The simple interest rate is 0.07 or 7%.

Example 2LOANS account at 4.5% for 3 years. Samantha borrowed $7,200 from a bank to pay for a used car. She will repay the loan by paying $236 a month for the next three years. Find the simple interest rate of the loan.

A. 1.18%

B. 6%

C. 6.6%

D. 18%

Example 2 CYPFind the Total Amount account at 4.5% for 3 years.

SAVINGS How much money is in an account where $80 is invested at an interest rate of 6% compounded annually for 3 years?

Find the amount of money in the account at the end of the year 1.

I= prtWrite the simple interest formula.

I = 80● 0.06● 1Substitution

I= 4.8 Simplify.

80 + 4.80 = 84.80 Add the amount invested and the interest.

Example 3Find the Total Amount account at 4.5% for 3 years.

Find the amount of money in the account at the end of year 2.

I = prtWrite the simple interest formula.

I = 84.80● 0.06● 1Substitution

I = 5.088Simplify.

84.80 + 5.09 = 89.89 Add the amount invested and the interest.

Example 3Find the Total Amount account at 4.5% for 3 years.

Find the amount of money in the account at the end of year 3.

I = prtWrite the simple interest formula.

I = 89.89● 0.06● 1Substitution

I= 5.3934Simplify.

Answer: After 3 years there is $89.89 + $5.39 or $95.28.

Example 3SAVINGS account at 4.5% for 3 years. How much money is in an account where $310 is invested at an interest rate of 5.5% compounded annually for 3 years?

A. $327.05

B. $345.04

C. $361.15

D. $364.02

Example 3 CYPFind the simple interest to the nearest cent. account at 4.5% for 3 years. $300 at 4% for 2 years

A. $8.00

B. $12.00

C. $24.00

D. $240.00

Five Minute Check 1Find the simple interest to the nearest cent. account at 4.5% for 3 years. $750 at 6.25% for 6 months

A. $23.44

B. $37.50

C. $46.88

D. $234.38

Five Minute Check 2Find the total amount in the account to the nearest cent if the interest is compounded annually.$1,250 at 7% for 2 years

A. $1,337.50

B. $1,425.00

C. $1,431.13

D. $2,675.00

Five Minute Check 3Find the total amount in the account to the nearest cent if the interest is compounded annually.$600 at 4.75% for 18 months

A. $628.50

B. $642.75

C. $643.43

D. $942.75

Five Minute Check 4Sam borrowed $5,000 at 11% simple interest for two years. He made no payments during those two years. How much interest is owed at the end of those two years?

A. $110.00

B. $550.00

C. $610.50

D. $1,100.00

Five Minute Check 5Anna decided to invest $1,500 at 2.5% simple interest for six months. How much interest does her investment earn?

A. $18.75

B. $37.50

C. $187.50

D. $225.00

Five Minute Check 6
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