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Published byBrandon Shepherd Modified over 9 years ago
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Lesson 9.7: Simple Interest ALCOS: 3, 5, 6 Objective: Students will use the simple interest formula to calculate simple interests.
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If someone borrows money, what factors influence how much is paid back? Principal - How much was borrowed. Time - How long it was borrowed for. (in years) Rate Rate - (annual % rate) What interest was charged. Amount to Payback =Principal+Interest Interest =PrincipalRateTime
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Joe borrows $200 from the bank at 6% simple interest for 3 years. What interest does he owe, and what is his total balance (amount to payback)? InterestBalance Balance =P+I 200+36 Balance = 236 Balance = $236
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Juan invests $5000 in bonds for 6 months at an annual interest rate of 7%. How much interest did he earn, and what is the balance in his account? InterestBalance Balance =P+I 5000+175 Balance = 5175 Balance = $5175
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Find the simple interest and the balance. Balance =P+I 2000+60 Balance = $2060
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Find the annual simple interest rate.
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Find the principal amount invested.
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