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Five-Minute Check (over Lesson 5–9) Main Idea and Vocabulary Example 1: Find Simple Interest Example 2: Test Example: Find the Total Amount Example 3: Real-World Example: Find the Interest Rate. Lesson Menu. Solve problems involving simple interest. interest. principal.

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Lesson Menu

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  1. Five-Minute Check (over Lesson 5–9) Main Idea and Vocabulary Example 1: Find Simple Interest Example 2: Test Example: Find the Total Amount Example 3: Real-World Example: Find the Interest Rate Lesson Menu

  2. Solve problems involving simple interest. • interest • principal Main Idea/Vocabulary

  3. Find Simple Interest Find the simple interest for $2,000 invested at 5.5% for 4 years. I = prtWrite the simple interest formula. I = 2000● 0.055 ● 4Replace p with 2,000, r with 0.055, and t with 4. I = 440 The simple interest is $440. Answer: $440 Example 1

  4. A B C D Find the simple interest for $1,500 invested at 5% for 3 years. A. $160 B. $175 C. $215 D. $225 Example 1

  5. Read the Item You need to find the total amount in an account. Notice that the time is given in months. Six months is year. Find the Total Amount Find the total dollar amount in an account where $80 is invested at a simple annual interest rate of 6% for 6 months. A. $41.20 B. $82.40 C. $84.80 D. $108.80 Example 2

  6. Find the Total Amount Solve the Item I = prtSimple interest formula I = 2.4 Simplify. Answer: The amount in the account is $80 + $2.40 or $82.40. The answer is B. Example 2

  7. A B C D Find the total amount of money in an account where $60 is invested at 8% for 3 months. A. $60.30 B. $61.20 C. $62.20 D. $62.30 Example 2

  8. Find the Interest Rate LOANS 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. Use the formula I = prt. To find I, first find the total amount of money Gerardo will pay. $120 ● 48 = $5,760 He will pay $5,760 – $4,500 or $1,260 in interest. So, I = 1,260. The principal is $4,500. So, p = 4,500. The loan will be for 48 months or 4 years. So, t = 4. Example 3

  9. Find the Interest Rate I= prtWrite the simple interest formula. 1,260 = 4,500 ● r● 4 Replace I with 1,260, p with 4,500, and t with 4. 1,260 = 18,000r Simplify. Divide each side by 18,000. 0.07 = r Answer: The simple interest rate is 7%. Example 3

  10. A B C D LOANS Jocelyn borrowed $3,600 from her bank for home improvements. She will repay the loan by paying $90 a month for the next five years. Find the simple interest rate of the loan. A. 7.5% B. 10% C. 12% D. 13.5% Example 3

  11. A B C D (over Lesson 5-8) Find the percent of change. Round to the nearest tenth if necessary. State whether the percent of change is an increase of a decrease.original: 25new: 28 • 10.7%; increase • B. 10.7%; decrease • C. 12%; increase • 12%; decrease Five Minute Check 1

  12. A B C D (over Lesson 5-8) Find the percent of change. Round to the nearest tenth if necessary. State whether the percent of change is an increase or a decrease.original: 47new: 36 A. 23.4%; decrease B. 23.4%; increase C. 30.6%; decrease D. 30.6%; increase Five Minute Check 2

  13. A B C D (over Lesson 5-8) Find the selling price for a book if the cost to the store is $65 and the markup is 30%. A. $45.50 B. $46.15 C. $84.50 D. $95 Five Minute Check 3

  14. A B C D (over Lesson 5-8) Find the sale price of a $120 lamp that is on sale for 15% off. A. $102.00 B. $112.00 C. $128.00 D. $138.00 Five Minute Check 4

  15. A B C D (over Lesson 5-8) A $350 grill is on sale for 25% off. Find the sale price. A. $437.50 B. $364.00 C. $336.62 D. $262.50 Five Minute Check 5

  16. A B C D (over Lesson 5-8) Find the amount of discount for a $28 shirt that is on sale for 65% off the original price. A. $9.80 B. $18.20 C. $20.20 D. $65.00 Five Minute Check 6

  17. End of Custom Shows

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