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POD

POD. Basic. Challenge. 12 18. h 12. 2 3. =. b. =. 10. 21. 18h = 144. ÷18. ÷18. 10b = 14. h = 8. ÷10. ÷10. b = 1.4. Simple Interest. Principal is the amount of money deposited or borrowed. Simple interest is the amount paid or earned for the use of the money. rate.

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POD

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  1. POD Basic Challenge 12 18 h 12 2 3 = b = 10 21 18h = 144 ÷18 ÷18 10b = 14 h = 8 ÷10 ÷10 b = 1.4

  2. Simple Interest Principal is the amount of money deposited or borrowed. Simple interest is the amount paid or earned for the use of the money.

  3. rate interest I = prt time principal

  4. Example 1 Arnold puts $580 into a savings account. The account pays 3% simple interest. How much will he earn in 5 years? In 6 months? i = prt 6 months = 0.5 years i = 580 × 0.03 × 5 i = prt i = 87 i = 580 × 0.03 × .5 i = 8.7

  5. Whiteboard time Cole puts $1,560 into a savings account. The account pays 2.5% simple interest. How much interest will he earn in 3 years? i = prt i = 1,560 × .025 × 3 i = $117

  6. Whiteboard time Graham’s parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan? i = prt i = 6,300 × .06 × 2 i = $756

  7. Whiteboard time Melissa and Jim took out a mortgage (borrowed money from a bank for a home) for $300,000. If the interest rate is 5.5% and the term of the mortgage is 30 years, how much interest will they pay? i = prt i = 300,000 × .055 × 30 i = $495,000

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