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- 1. 8-6 Simple Interest Solve problems involving simple interest
- 2. Turn and talk <ul><li>Why do people deposit money into the bank? </li></ul><ul><li>What do savings accounts and loans have in common? </li></ul>
- 3. Concept Map—Simple Interest Simple Interest What? Why do I care? How?
- 4. Henry has $750 in a savings account that pays 3% simple interest. How much interest will he earn in each amount of time? <ul><li>4 years </li></ul><ul><li>3 years </li></ul><ul><li>9 months </li></ul>
- 5. What would I plug in for the time on each? <ul><li>3 months </li></ul><ul><li>5 months </li></ul><ul><li>2 ½ years </li></ul>
- 6. Emilio’s father borrows $1,200 from the bank for a riding lawn mower. The interest rate is 8% per year. How much simple interest will he pay if he takes 2 years to repay the loan?
- 7. Emilio’s father borrows $1,200 from the bank for a riding lawn mower. The interest rate is 8% per year. How much will he have to pay back in all?
- 8. Cory charged a $600 TV on his credit card with an interest rate of 21%. If he has no other charges on the card, how much money will he owe after one month?
- 9. Find the interest earned to the nearest cent for each principal, interest rate, and time. <ul><li>$640, 3%, 2 years </li></ul><ul><li>$1,500, 4.25%, 4 years </li></ul>
- 10. Find the interest paid to the nearest cent for each loan balance, interest rate, and time <ul><li>$4,500, 9%, 3.5 years </li></ul><ul><li>$290, 12.5%, 6 months </li></ul>
- 11. In 2002, a $5 bank note from 1886 was sold to a collector for $103,500. Suppose a person had deposited the $5 in a bank in 1886 with an interest rate of 4%. After 116 years, how much simple interest would have been earned on the account?
- 12. Marcus would like to have $2,340 altogether. If he invests his money at 5% interest, in how many yeas will he have $2,340? A bonus buck to the first person who gets it.
- 13. <ul><li>Choose one partner to be the banker and one the customer. (you will trade in a minute) </li></ul><ul><li>The banker must present options for loans and savings accounts. </li></ul><ul><li>The customer must determine how much interest will be earned or owed for various amounts. </li></ul><ul><li>Then the banker and customer trade. </li></ul>
- 14. <ul><li>Terry invested $2,200 in the stock market for 2 years. IF the investment earned 12% simple interest, how much money did Terry earn in interest in 2 years? </li></ul>
- 15. <ul><li>How much interest will Hannah earn in 4 years if she deposits $630 in a savings account at 6.5% simple interest? </li></ul>
- 16. <ul><li>When Melissa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the total amount in the account after 18 years. </li></ul>
- 17. Journal <ul><li>List the steps you would use to find the simple interest on a $500 loan at 6% interest rate for 18 months. </li></ul>
- 18. Homework <ul><li>P 359: 2, 8-21 </li></ul>

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