7.3 Notes Simple Interest.

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Presentation transcript:

7.3 Notes Simple Interest

Interest

Simple Interest

Calculate Future Value This is the idea of Principal plus Interest

Giving up Starbucks

Discounted Loans

Class Work: What is the balance at the end of one year after depositing $1500 in an account at a rate of 4%? You borrow $1400 from a friend and promise to pay back $2000 in two years. What simple interest rate, to the nearest tenth of a percent, will you pay? You borrow $2000 on a 7% discounted loan for a period of 8 months. What is the loan’s discount (in dollars)? What net amount of money will you receive? What is the loan’s actual interest rate (to nearest tenth)?

7.3 MathXL Due Sunday at midnight.

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