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Describe what interest is. Question of the day. Agenda. 1. Take simple interest notes 2. Complete assignment 3. Exit ticket. Simple interest notes. How to figure.
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Describe what interest is. Question of the day
Agenda • 1. Take simple interest notes • 2. Complete assignment • 3. Exit ticket
How to figure • To find simple interest you multiply the amount of money you put in account, the time it is in account and the percent of interest promised • Interest = principle x time x interest • I=prt • Principle= the amount put in account or borrowed • Rate= the interest promised in percent. Turn into decimal T= time in years or part of year
You try • You put 1500 in a saving for 2 years at a rate of 5%? What is the interest earned • 5% needs to be changed into .05
Another example • Of you borrowed 1000 at a rate of 4% for 6 months how much would ypu have to pay back • *remember you have to pay back original amount borrowed • Also 6 months is part or decimal of a year
Assignment • Lesson 10 examples 1-2 exercises 1-2 problem set #1-2
Exit ticket • Answer to problem set #1