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Lesson Menu. Main Idea and New Vocabulary NGSSS Example 1: Find Simple Interest Example 2: Find the Interest Rate Example 3: Find the Total Amount Five-Minute Check. Solve problems involving simple and compound interest. interest simple interest principal compound interest.

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  1. Lesson Menu Main Idea and New Vocabulary NGSSS Example 1: Find Simple Interest Example 2: Find the Interest Rate Example 3: Find the Total Amount Five-Minute Check

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

  3. MA.8.A.6.4 Perform operations on real numbers (including integer exponents, radicals,percents, scientific notation, absolute value, rational numbers, and irrational numbers) using multi-step and real world problems. NGSSS

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

  5. Find the simple interest for $980 invested in a savings account at 4.5% for 3 years. A. $44.10 B. $132.30 C. $1,112.30 D. $1,323.00 Example 1 CYP

  6. Find the Interest Rate LOANS Callie borrowed $4,500 from a bank to pay part of her college tuition. She will repay the loan by paying $120 a month for the next four years. Find the simple interest rate of the loan. First find the total that Callie will pay. $120 ● 48 = $5,760 4 years = 48 months She will pay $5,760 – $4,500 or $1,260 in interest. So, I = 1,260. Example 2

  7. 1,260 Divide each side by 18,000. Find the Interest Rate I= prtWrite the simple interest formula. 1,260= 4,500● r ● 4Replace I with 1,260, p with 4,500, and t with 4. 1,260 = 18,000r Simplify. 0.07 = r Simplify. Answer: The simple interest rate is 0.07 or 7%. Example 2

  8. LOANS Samantha borrowed $7,200 from a bank to pay for a used car. She will repay the loan by paying $236 a month for the next three years. Find the simple interest rate of the loan. A. 1.18% B. 6% C. 6.6% D. 18% Example 2 CYP

  9. Find the Total Amount SAVINGS How much money is in an account where $80 is invested at an interest rate of 6% compounded annually for 3 years? Find the amount of money in the account at the end of the year 1. I= prtWrite the simple interest formula. I = 80● 0.06● 1Substitution I= 4.8 Simplify. 80 + 4.80 = 84.80 Add the amount invested and the interest. Example 3

  10. Find the Total Amount Find the amount of money in the account at the end of year 2. I = prtWrite the simple interest formula. I = 84.80● 0.06● 1Substitution I = 5.088Simplify. 84.80 + 5.09 = 89.89 Add the amount invested and the interest. Example 3

  11. Find the Total Amount Find the amount of money in the account at the end of year 3. I = prtWrite the simple interest formula. I = 89.89● 0.06● 1Substitution I= 5.3934Simplify. Answer: After 3 years there is $89.89 + $5.39 or $95.28. Example 3

  12. SAVINGS How much money is in an account where $310 is invested at an interest rate of 5.5% compounded annually for 3 years? A. $327.05 B. $345.04 C. $361.15 D. $364.02 Example 3 CYP

  13. Find the simple interest to the nearest cent.$300 at 4% for 2 years A. $8.00 B. $12.00 C. $24.00 D. $240.00 Five Minute Check 1

  14. Find the simple interest to the nearest cent.$750 at 6.25% for 6 months A. $23.44 B. $37.50 C. $46.88 D. $234.38 Five Minute Check 2

  15. Find the total amount in the account to the nearest cent if the interest is compounded annually.$1,250 at 7% for 2 years A. $1,337.50 B. $1,425.00 C. $1,431.13 D. $2,675.00 Five Minute Check 3

  16. Find the total amount in the account to the nearest cent if the interest is compounded annually.$600 at 4.75% for 18 months A. $628.50 B. $642.75 C. $643.43 D. $942.75 Five Minute Check 4

  17. Sam borrowed $5,000 at 11% simple interest for two years. He made no payments during those two years. How much interest is owed at the end of those two years? A. $110.00 B. $550.00 C. $610.50 D. $1,100.00 Five Minute Check 5

  18. Anna decided to invest $1,500 at 2.5% simple interest for six months. How much interest does her investment earn? A. $18.75 B. $37.50 C. $187.50 D. $225.00 Five Minute Check 6

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