5.5 Simple Interest I can find simple interest.. Simple interest formula.

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Presentation transcript:

5.5 Simple Interest I can find simple interest.

Simple interest formula

Example  If you invest $50 at a simple interest rate of 3.5% per year for 3 years, what is the amount of interest earned?  I = this is what we’re solving for  P = 50  r = 3.5% =  t = 3  I = $5.25

Graphing Simple Interest  Make a table  Graph the points

Comparing Loans  Find interest earned from each loan.  The 3 year loan costs more because it earns more interest.

Assignment  Odds  P.200 #5-19