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Understanding Simple Interest: Notes and Practice

Learn to calculate simple interest by multiplying money, time, and interest rate. Practice with real-life examples and master the concept with step-by-step guidance. Complete assignments and exit ticket to test your knowledge.

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Understanding Simple Interest: Notes and Practice

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  1. Describe what interest is. Question of the day

  2. Agenda • 1. Take simple interest notes • 2. Complete assignment • 3. Exit ticket

  3. Simple interest notes

  4. How to figure • To find simple interest you multiply the amount of money you put in account, the time it is in account and the percent of interest promised • Interest = principle x time x interest • I=prt • Principle= the amount put in account or borrowed • Rate= the interest promised in percent. Turn into decimal T= time in years or part of year

  5. You try • You put 1500 in a saving for 2 years at a rate of 5%? What is the interest earned • 5% needs to be changed into .05

  6. Another example • Of you borrowed 1000 at a rate of 4% for 6 months how much would ypu have to pay back • *remember you have to pay back original amount borrowed • Also 6 months is part or decimal of a year

  7. Assignment • Lesson 10 examples 1-2 exercises 1-2 problem set #1-2

  8. Exit ticket • Answer to problem set #1

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