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. Solve problems involving simple and compound interest. interest simple interest principal compound interest.
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Main Idea and New Vocabulary
Example 1: Find Simple Interest
Example 2: Find the Interest Rate
Example 3: Find the Total Amount
D. $1,323.00Example 1 CYP
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 2
D. 18%Example 2 CYP
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 3
D. $364.02Example 3 CYP
D. $240.00Five Minute Check 1
D. $234.38Five Minute Check 2
D. $2,675.00Five Minute Check 3
D. $942.75Five Minute Check 4
D. $1,100.00Five Minute Check 5
D. $225.00Five Minute Check 6