Choose “Simple Savings Calculator” Under the Picture of the Couple Exploration Time Work through page 10 in packet with the Chromebooks BANKRATE.COM Choose “Simple Savings Calculator” Under the Picture of the Couple SKIP MIDDLE PAGES Work through page 16 with calculators Save these notes - more next class Up Next: Simple Interest Formula

SIMPLE INTEREST FORMULA I = Prt I = interest P = Amount borrowed/deposited (called “Principal”) r = interest rate (as a decimal) t = time (in years)

Use the simple interest formula to find the ending balance Example 1: Use the simple interest formula to find the ending balance $2,300 at 8% for 9 years

Example 2: If you borrow $368 at 5% for six years, how much will you pay back by the end of the term?

Example 3: At what annual rate will $400 yield an interest of $78 after 1¹/₂ years?