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Chapter 8 Lesson 6 Simple Interest Objective: Solve problems involving simple interest

Charlotte plans to invest $1,000 in a certificate of deposit (CD). Below shows CD rates for one year at various banks. State Credit Union: 2.25% First Federal Bank: 3.1% Mountain Savings Bank: 2.65% Valley Bank: 3.25% Find the amount of money that Charlotte can earn in one year from the State Credit union. $22.50

Interest The amount of money that one earns on a CD for example. Where else do we earn interest on our money?

Simple Interest The amount paid or earned for the use of money.

To find the simple interest: I = prt p: the principal: the amount of money deposited or invested r: annual interest rate written as a decimal t: amount of time that money is invested or borrowed (in YEARS)

Today’s concepts Finding the interest earned Finding the interest paid on a loan Find the total paid on a credit card

FIRST FIND THE INTEREST EARNED

SAVINGS Brandon found a bank offering a certificate of deposit that pays 4% simple interest. He has $1,500 to invest. How much interest will he earn in 3 years? Formula for simple interest Replace p with $1,500, r with 0.04, and t with 3. Simplify. Answer: Brandon will earn $180 in interest in 3 years.

Example 6-1b SAVINGS Cheryl opens a savings account that pays 5% simple interest. She deposits $600. How much interest will she earn in 2 years? Answer: $60

Example 6-2a SAVINGS Brandon found a bank offering a certificate of deposit that pays 4% simple interest. He has $1,500 to invest. How much interest will he earn in 30 months? Answer: Brandon will earn $150 in interest in 30 months. Formula for simple interest Simplify. Write the time as years.

SAVINGS Micah opens a savings account that pays 4% simple interest. He deposits $2,000. How much interest will he earn in 42 months? Answer: $280

Second Find the interest paid on a loan

Example 6-3a LOANS Laura borrowed $2,000 from her credit union to buy a computer. The interest rate is 9% per year. How much interest will she pay if it takes 8 months to repay the loan? Formula for simple interest Simplify. Replace p with $2,000, r with 0.09, and Answer: Laura will pay $120 in interest in 8 months.

Example 6-3b LOANS Juan borrowed $7,500 from the bank to purchase a used car. The interest rate is 15% per year. How much interest will he pay if it takes 2 years to repay the loan? Answer: $2,250

THIRD Find the total paid on a credit card

CREDIT CARDS Alma charged a $30 handbag on her credit card with an interest rate of 8%. If she has no other charges on the card, how much money would she owe after six months? Formula for simple interest Simplify. Replace p with $30, r with 0.08, and t with 0.5. Answer: The interest owed after six months is $1.20. So, the total amount owed would be $30 + $1.20 or $31.20.

CREDIT CARDS Curtis charged a $60 power tool on his credit card with an interest rate of 9%. If he has no other charges on the card, how much money would he owe after nine months? Answer: $64.05

Textbook Work Page 360 numbers 8 – 18 even

Homework Sheet 8-2 odd numbers only Chapter 8 test Friday