4.4 Simple Interest RED 2012 BOOK. 4.4 Activity Baseball legend Ken Griffey Jr. played a prank on (former) teammate Josh Fogg one season. He owed Fogg.

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Presentation transcript:

4.4 Simple Interest RED 2012 BOOK

4.4 Activity Baseball legend Ken Griffey Jr. played a prank on (former) teammate Josh Fogg one season. He owed Fogg some money and paid him back in pennies. Griffey stacked 60 cartons, each holding $25 worth of pennies, in Fogg’s locker. Not only did Fogg not get paid interest, he had to haul all the pennies to the bank!

4.4 Activity When you deposit money, you should earn money. When you borrow money, you should pay money. Interest earned/owed is influenced by how much money is involved (principal), the rate you pay/earn, and the amount of time. Simple Interest is an annual interest rate so the time is in years.

4.4 Activity in RPJ

4.4 Activity

How does a credit card work? How do you get one? What are some Pros of having a credit card? What are some cons of having a credit card?

4.4 Activity

How much interest is owed on $5000 if the rate is 18%? How much interest is owed on $5000 if the rate is 20%? Why should you shop around for the lowest interest rates on credit cards? Why should you keep your principal as small as possible? Remember: You have to pay the interest plus you need to be paying off the principal!

4.4 Activity

National Debt – Current Information Also check the state and world clocks

4.4 Activity

4.4 Lesson Yesterday you explored the simple interest formula, applying it to several consumer applications. Today you will use the simple interest formula and knowledge of equation solving to solve for different variables in the formula.

4.4 Lesson Simple Interest = (Principal)(Annual interest rate)(Time) This formula is similar to the volume formula for a rectangular prism; three variables are multiplied together. Knowing three of the four variables, you can solve for the fourth.

4.4 Lesson First Chart the information that you know and what you are trying to find! Interest: Principal: $500 Rate: 3% =.03 Time: 3 years Balance:

4.4 Lesson

Warm-Up What words mean the same as the original amount? What words mean the same as the new amount? What words mean the same as the change?

4.4 Lesson