3/9/11 Simple Interest Today’s Plan: -Simple Interest -Assignment & Correct Homework LT: I can solve problems involving simple interest. Use the formula.

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3/9/11 Simple Interest Today’s Plan: -Simple Interest -Assignment & Correct Homework LT: I can solve problems involving simple interest. Use the formula I = P · r · t to solve these problems. Find each missing value. 1. I = ____ 2. I = ____, P = $150, r = 6% 3. I = ___, P = $2000 $18 $240 $640, P = $800, r = 10%, t = 3 years, t = 2 years, r = 4%, t = 8 years Math Test Friday Chapter 6: Percent

Course Simple Interest One type of interest, called simple interest, is money paid only on the principal. The principal is the amount of money deposited or borrowed. To solve problems involving simple interest, you can use the following formula. I = P · r · t Interest Principal Rate of interest per year (as a decimal) Time in years that the money earns interest

Find the missing value. Additional Example 1B: Using the Simple Interest Formula Course Simple Interest B. I = $204, P = $1,700, r =, t = 6 years I = P · r · t 204 = 1,700 · r · = 10,200r ,200 = 10,200r 10, = r The interest rate is 2% Substitute. Multiply. Divide by 10,200 to isolate the variable.

Find the missing value. Try This: Example 1B Course Simple Interest B. I = $600, P = $2,000, r =, t = 3 years I = P · r · t 600 = 2,000 · r · = 6,000r = 6,000r 6, = r The interest rate is 10% Substitute. Multiply. Divide by 10,200 to isolate the variable.

3/9/11 Simple Interest Today’s Plan: -Simple Interest -Assignment & Correct Homework LT: I can solve problems involving simple interest. Use the formula I = P · r · t to solve these problems. Worksheet #1-14 and #1-2 Book page 330 #1-11 For each show the formula, substitution, and answer. Math Test Friday Chapter 6: Percent

3/9/11 Simple Interest Today’s Plan: -Simple Interest -Assignment & Correct Homework LT: I can solve problems involving simple interest. Use the formula I = P · r · t to solve these problems. Worksheet #1-12 Book page 330 #1-11 For each show the formula, substitution, and answer. Math Test Friday Chapter 6: Percent

Find each missing value. 1. I = 2. I = $18, P = $150, r = 3. I = $640, P = 4. I = $120, P = $600, r = 5% t = 6% $600 Insert Lesson Title Here $2,000 4 years Course Simple Interest, P = $800, r = 15%, t = 5 years, t = 2 years, r = 4%, t = 8 years 5. Dennis deposits $6,000 in an account that earns 5.5% simple interest. How long will it take before the total amount is $8,000? a little over 6 years

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