Lesson 5-8 Simple Interest.

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Presentation transcript:

Lesson 5-8 Simple Interest

Definition Interest- the amount of money paid or earned for the use of money FORMULA FOR INTEREST - I = p r t I = interest P - principal (money invested or borrowed) R - rate - annual interest rate as a decimal. T - Time written in years

Example 1 Find Simple Interest Find the simple interest for $500 invested at 6.25% for 3 years. I = prt I = 500  0.0625  3 I = $93.75

Practice Problem Find Simple Interest Find the simple interest for $2000 invested at 5.5% for 4 years. I = prt I = 2000  0.055  4 I = $440

Example 2 Find The Total Amount Find the total amount of money in an account where $95 is invested at 7.5% for 8 months. I = prt I = 95 0.075  ⅔ I = $4.75 Total = 95 + 4.75 = $99.75

Practice Problem Find The Total Amount Find the total amount in an account where $250 is invested at 6% for 6 months. I = prt I = 250  0.06  ½ I = $7.5 Total = 250 + 7.50 = $257.50

Example 3 Find The Interest Rate Tonya borrowed $3,600 to buy a used car. She will be paying $131.50 each month for the next 36 months. Find the simple interest rate for her loan. Find the total Tonya will pay. $131.50  36 = $4734 Find the interest. $4734 – $3600 = $1134 I = prt 1134 = 3600  r  3 (years) 0.105 = r Multiply by 100 to turn it into a percentage r = 10.5%

Practice Problem Find The Interest Rate Gerardo borrowed $4,500 from his bank for home improvements. He will repay the loan by paying $120 a month for the next four years. Find the simple interest rate of the loan. Find the total Gerardo will pay. $120  48 = $5760 Find the interest. $5760 – $4500 = $1260 I = prt 1260 = 4500  r  4 0.07 = r Multiply by 100 to turn it into a percentage r = 7%