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10.1 Simple Interest

Notes # ____. 10.1 Simple Interest. time value of money simple interest. Vocabulary. Formulas. principal = $66,598 interest rate = 9.01% time = 5 years simple interest = ________. Ex 1. principal = $1,682 interest rate = 2.72% time = ________ simple interest = $91.51. Ex 2.

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10.1 Simple Interest

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  1. Notes # ____ 10.1Simple Interest

  2. time value of money simple interest Vocabulary

  3. Formulas

  4. principal = $66,598 interest rate = 9.01% time = 5 years simple interest = ________ Ex 1

  5. principal = $1,682 interest rate = 2.72% time = ________ simple interest = $91.51 Ex 2

  6. principal = $507,292 interest rate = ________ time = 18 months simple interest = $50,522.06 Ex 3

  7. principal = ________ interest rate = 4.98% time = 60 months simple interest = $23,192.51 Ex 4

  8. Jerry invested $1500 in an account that paid him 8.25% simple interest, what will the balance of his account be after 6 years? Ex 5

  9. Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest? Ex 6

  10. Jack deposited $1400 in his bank account. After 3 years, the account is worth $1,694. Find the simple interest rate the account earned. Ex 7

  11. Barrett managed to get a loan for $3000 from the M&I Marshall and Ilsley Bank in order to get a bike. The $3000 was obtained at an interest rate of 3% per annum, with a 24 month term. How much interest will Barrett owe at the end of the loan? Ex 8

  12. Karter has borrowed $3000 from the Boston Private Bank & Trust Co. so that he can get his hands on a digital camera. They loaned him the $3000 at a per annum interest rate of 9% with a 30 month term. How much will Karter owe the bank at the end of the loan period? Ex 9

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