Lesson 3-3 Example 4 3-3 Solve. Daniel put $1,500 into a savings account. The simple interest rate is 4.5%. How much interest will Daniel earn in 1 month?

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Presentation transcript:

Lesson 3-3 Example Solve. Daniel put $1,500 into a savings account. The simple interest rate is 4.5%. How much interest will Daniel earn in 1 month? in 6 months? in 12 months? Understand Read the problem. Write what you know. Daniel invests $1,500 at an interest rate of 4.5%.

Lesson 3-3 Example Plan Pick a strategy. One strategy is to solve a simpler problem.

Lesson 3-3 Example Solve Use the simple interest formula to calculate the interest for 1 month, 6 months, and 1 year. 1 month I = 1,500 ● ● = months I = 1,500 ● ● 0.5 = months I = 1,500 ● ● 1 = I = prt

Lesson 3-3 Example Check The amount of interest should increase as the number of months increases.