Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 307 views

    Simple Interest: Course 3 Course 3

    Uploaded by

    Opalyn Desiree Lim
    This document contains examples and explanations of simple interest calculations. It includes examples of calculating interest earned on investments or owed on loans, determining investment or loan time periods based on interest amounts, and finding interest rates based on principal, interest and total repayment amounts. Practice problems are provided for readers to test their understanding.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Simple Interest: Course 3 Course 3

    Uploaded by

    Opalyn Desiree Lim
    307 views17 pages
    This document contains examples and explanations of simple interest calculations. It includes examples of calculating interest earned on investments or owed on loans, determining investment or loan time periods based on interest amounts, and finding interest rates based on principal, interest and total repayment amounts. Practice problems are provided for readers to test their understanding.

    Original Title

    SIMPLE INTEREST

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains examples and explanations of simple interest calculations. It includes examples of calculating interest earned on investments or owed on loans, determining investment or loan time periods based on interest amounts, and finding interest rates based on principal, interest and total repayment amounts. Practice problems are provided for readers to test their understanding.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    307 views17 pages

    Simple Interest: Course 3 Course 3

    Uploaded by

    Opalyn Desiree Lim
    This document contains examples and explanations of simple interest calculations. It includes examples of calculating interest earned on investments or owed on loans, determining investment or loan time periods based on interest amounts, and finding interest rates based on principal, interest and total repayment amounts. Practice problems are provided for readers to test their understanding.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 17

    6-7 More Applications of Percents

    Simple Interest

    Course
    Course 33
    6-7 More Applications of Percents

    Warm Up
    1. What is 35 increased by 8%?

    2. What is the percent of decrease from 144


    to 120?

    3. What is 1500 decreased by 75%?

    4. What is the percent of increase from 0.32


    to 0.64?

    Course 3
    6-7 More Applications of Percents

    Problem of the Day


    Maggie is running for class president. A
    poll revealed that 40% of her classmates
    have decided to vote for her, 32% have
    decided to vote for her opponent, and 7
    voters are undecided. If she needs 50%
    of the vote to win, how many of the
    undecided voters must vote for Maggie for
    her to win the election?

    Course 3
    6-7 More Applications of Percents

    Learn to compute simple interest.

    Course 3
    6-7 More Applications of Percents

    Vocabulary
    interest
    simple interest
    principal
    rate of interest

    Course 3
    6-7 More Applications of Percents

    When you borrow money from a bank, you pay


    interest for the use of the bank’s money. When
    you deposit money into a savings account, you are
    paid interest. Simple interest is one type of fee
    paid for the use of money.

    Rate of interest is the


    Simple Interest percent charged or
    earned
    I=P  r  t
    Time that the money
    Principal is the amount of is borrowed or
    money borrowed or invested invested (in years)

    Course 3
    6-7 More Applications of Percents
    Additional Example 1: Finding Interest and Total
    Payment on a Loan
    To buy a car, Jessica borrowed $15,000 for 3
    years at an annual simple interest rate of 9%.
    How much interest will she pay if she pays the
    entire loan off at the end of the third year?
    What is the total amount that she will repay?

    Course 3
    6-7 More Applications of Percents
    Additional Example 1 Continued

    Jessica will pay $4050 in interest.


    You can find the total amount A to be repaid on a
    loan by adding the principal P to the interest I.

    Course 3
    6-7 More Applications of Percents
    Check It Out: Example 1
    To buy a laptop computer, Elaine borrowed
    $2,000 for 3 years at an annual simple
    interest rate of 5%. How much interest will
    she pay if she pays the entire loan off at the
    end of the third year? What is the total
    amount that she will repay?

    Course 3
    6-7 More Applications of Percents
    Additional Example 2: Determining the Amount of
    Investment Time

    Nancy invested $6000 in a bond at a yearly


    rate of 3%. She earned $450 in interest. How
    long was the money invested?

    Course 3
    6-7 More Applications of Percents
    Check It Out: Example 2

    TJ invested $4000 in a bond at a yearly rate of


    2%. He earned $200 in interest. How long was
    the money invested?

    Course 3
    6-7 More Applications of Percents
    Additional Example 3: Computing Total Savings
    John’s parents deposited $1000 into a savings
    account as a college fund when he was born.
    How much will John have in this account after
    18 years at a yearly simple interest rate of
    3.25%?

    Course 3
    6-7 More Applications of Percents
    Check It Out: Example 3
    Bertha deposited $1000 into a retirement
    account when she was 18. How much will
    Bertha have in this account after 50 years at a
    yearly simple interest rate of 7.5%?

    Course 3
    6-7 More Applications of Percents
    Additional Example 4: Finding the Rate of Interest

    Mr. Johnson borrowed $8000 for 4 years to


    make home improvements. If he repaid a total
    of $10,320, at what interest rate did he
    borrow the money?

    Course 3
    6-7 More Applications of Percents
    Check It Out: Example 4

    Mr. Mogi borrowed $9000 for 10 years to


    make home improvements. If he repaid a total
    of $20,000 at what interest rate did he borrow
    the money?

    Course 3
    6-7 More Applications of Percents
    Lesson Quiz: Part I

    1. A bank is offering 2.5% simple interest on a savings


    account. If you deposit $5000, how much interest
    will you earn in one year?

    2. Joshua borrowed $1000 from his friend and paid


    him back $1050 in six months. What simple annual
    interest did Joshua pay his friend?

    Course 3
    6-7 More Applications of Percents
    Lesson Quiz: Part II

    3. The Hemmings borrowed $3000 for home


    improvements. They repaid the loan and $600 in
    simple interest four years later. What simple annual
    interest rate did they pay?

    4. Mr. Berry had $120,000 in a retirement account.


    The account paid 4.25% simple interest. How much
    money was in the account at the end of 10 years?

    Course 3

    You might also like