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5-Minute Check 4

A B C D. Myra bought a new car. Her monthly car payment went from $294 to $324. Find the percent of change. A. 10.7% increase B. 10.6% increase C. 10.5% increase D. 10.2% increase. 5-Minute Check 4. Splash Screen. You have worked with formulas before.

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5-Minute Check 4

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  1. A B C D Myra bought a new car. Her monthly car payment went from $294 to $324. Find the percent of change. A. 10.7% increase B. 10.6% increase C. 10.5% increase D. 10.2% increase 5-Minute Check 4

  2. Splash Screen

  3. You have worked with formulas before. • Solve simple interest problems and apply the simple interest equation to real-world problems. • Solve compound interest problems. Then/Now

  4. The amount of money paid or earned for the use of money • interest The amount of money paid or earned for the use of money on initial investment only (I = prt) • simple interest • principal • compound interest The amount of money in an account at the time of calculating interest (generally thought of beginning cash)_ Interest paid on the initial principal and on interest earned in the past (money keeps rolling over into account earning more money each year) Vocabulary

  5. Find Simple Interest A. Find the simple interest for $2000 invested at 2.5% for 3 years. I = prt Write the simple interest formula. I = 2000 ● 0.025 ● 3 Replace p with 2000, r with 0.025, and t with 3. I = 150Simplify. Answer: The simple interest is $150. Example 1A

  6. Find Simple Interest B. Find the simple interest for $4500 invested at 4.25% for 2 years. I = prt Write the simple interest formula. I = 4500 ● 0.0425 ● 2 Replace p with 4500, r with 0.0425, and t with 2. I = 382.50Simplify. Answer: The simple interest is $382.50. Example 1B

  7. A B C D A. What is the simple interest for $3000 invested at 3.5% for 2 years? A. $105 B. $150 C. $210 D. $350 Example 1A

  8. A B C D B. What is the simple interest for $2500 invested at 2.75% for 4 years? A. $137.50 B. $275 C. $302.75 D. $412.50 Example 1B

  9. Find the Interest Rate SWIMMING POOLMr. Webster borrowed $1280 to buy a new swimming pool. He will pay $57.60 each month for the next 24 months. Find the simple interest rate for his loan. Understand You need to find the simple interest rate. Plan Use the formula I = prt. Solve First, find the amount of interest he will pay over 24 months. 24 ● $57.60 = $1382.40 Multiply to find the total amount. Example 2

  10. Find the Interest Rate $1382.40 – $1280 = $102.40 Subtract to find the interest. The principal is $1280. So, p = 1280. The loan will be for 24 months or 2 years, so t = 2. I = prt Write the simple interest formula. 102.40= 1280 ● r ● 2 Replace I with 102.40, p with 1280, and t with 2. 102.40 = 2560r Simplify. Example 2

  11. CheckUse the formula I = prt. $1280 ● 0.04 ● 2 = $102.40  Find the Interest Rate Divide each side by 2560. 0.04= r Answer: The simple interest rate is 0.04 or 4%. Example 2

  12. A B C D Mrs. Wymer borrowed $5100 to remodel her kitchen. She will pay $238 a month each month for the next 24 months. What is the simple interest rate for the loan? A. 4.5% B. 5% C. 5.5% D. 6% Example 2

  13. Find the Total Amount What is the total amount of money in an account where $800 is invested at an interest rate of 6.25% compounded annually for 2 years? Step 1Find the amount of money in the account at the end of the first year. I = prt Write the simple interest formula. I = 800 ● 0.0625 ● 1 Replace p with 800, r with 0.0625, and t with 1. I = 50Simplify. Example 3

  14. Find the Total Amount 800 + 50 = 850Add the amount invested and the interest. At the end of the first year, there is $850 in the account. Step 2Find the amount of money in the account at the end of the second year. I = prt Write the simple interest formula. I = 850 ● 0.0625 ● 1 Replace p with 850, r with 0.0625, and t with 1. Example 3

  15. Find the Total Amount I = 53.13Simplify. Answer: So, the amount in the account after 2 years is 850 + 53.13 or $903.13. Example 3

  16. A B C D What is the total amount of money in an account where $1000 is invested at an interest rate of 3.5% compounded annually for 2 years? A. $1035.00 B. $1070.00 C. $1071.23 D. $1092.41 Example 3

  17. End of the Lesson

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