Day 14 simple interest
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The document provides examples and explanations of how to calculate simple interest using the formula I = prt. It includes 6 practice problems calculating simple interest for various deposit and loan amounts with different interest rates and time periods. It also includes an example of using the simple interest earned to find the unknown interest rate. The document concludes with an introduction to compound interest and mortgage payments.
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Day 14 simple interest
This document discusses simple interest formulas and examples of calculating simple interest for various scenarios:
1. The simple interest formula is I = prt, where I is interest, p is principal, r is the interest rate as a decimal, and t is time in years.
2. Several word problems are provided to calculate simple interest for different principal amounts, interest rates, and time periods.
3. The final problem asks the reader to determine an unknown interest rate if the simple interest earned on a $500 deposit made 4 years ago was $140.
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The document provides examples of simple interest rate calculations and questions. It defines the simple interest formula as I = Prt, where I is interest, P is principal, r is interest rate as a decimal, and t is time in years. It then gives examples of calculating interest for different principal amounts invested or borrowed at various rates and times. It omits questions 2b, 5, 6, and 8 from the set of exercises.
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The document discusses the concept of compound interest and its power over long periods of time. Compound interest is the process of reinvesting earnings to generate even greater returns. For example, an initial $5,000 investment earning 4% annual interest would grow to $5,200 after 1 year, and $5,408 after 2 years. Letting interest earnings reinvest and compound over decades, such as a $10,000 investment earning 5% annual interest over 50 years, would grow to over $617,000. The longer an amount has to compound, the more dramatic the impact, illustrated by $360,000 after 40 years versus over $617,000 after 50 years on the same terms. Mastering compound
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The document discusses various concepts related to loans and interest calculations. It provides examples of calculating simple interest using the formula I=PRT, where I is interest, P is principal, R is interest rate, and T is time. It also discusses using repayment tables to compare loan options and shows a home loan repayment table to calculate monthly payments over different periods of time and interest rates. Finally, it provides an example of tracking loan repayments over multiple months when interest is calculated monthly on the remaining principal.
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1) Interest is the amount paid for using borrowed money or the income earned from money that has been loaned. Simple interest is calculated using only the principal amount and ignores interest earned in previous periods.
2) Compound interest differs in that the interest earned is added to the principal amount and also earns interest in subsequent periods, allowing the total to grow more quickly over time.
3) Examples show calculations for simple and compound interest rates as well as determining present worth values given future amounts, interest rates, and time periods.
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The document contains examples of mathematical formulas and problems. The first example calculates the amount left in an account after 32 years with an initial principal of $1500 earning 4.5% interest compounded semi-annually. The second example calculates the cost to wrap 24 pepsi cans individually for a birthday gift based on the dimensions of each can and a cost of $0.25 per square centimeter of wrapping paper. The final section lists homework problems from page 307 numbers 1 through 7.
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Day 14 simple interest
This document discusses simple interest formulas and examples of calculating simple interest for various scenarios:
1. The simple interest formula is I = prt, where I is interest, p is principal, r is the interest rate as a decimal, and t is time in years.
2. Several word problems are provided to calculate simple interest for different principal amounts, interest rates, and time periods.
3. The final problem asks the reader to determine an unknown interest rate if the simple interest earned on a $500 deposit made 4 years ago was $140.
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The document provides examples of simple interest rate calculations and questions. It defines the simple interest formula as I = Prt, where I is interest, P is principal, r is interest rate as a decimal, and t is time in years. It then gives examples of calculating interest for different principal amounts invested or borrowed at various rates and times. It omits questions 2b, 5, 6, and 8 from the set of exercises.
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The document discusses various concepts related to loans and interest calculations. It provides examples of calculating simple interest using the formula I=PRT, where I is interest, P is principal, R is interest rate, and T is time. It also discusses using repayment tables to compare loan options and shows a home loan repayment table to calculate monthly payments over different periods of time and interest rates. Finally, it provides an example of tracking loan repayments over multiple months when interest is calculated monthly on the remaining principal.
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1) Interest is the amount paid for using borrowed money or the income earned from money that has been loaned. Simple interest is calculated using only the principal amount and ignores interest earned in previous periods.
2) Compound interest differs in that the interest earned is added to the principal amount and also earns interest in subsequent periods, allowing the total to grow more quickly over time.
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The document contains examples of mathematical formulas and problems. The first example calculates the amount left in an account after 32 years with an initial principal of $1500 earning 4.5% interest compounded semi-annually. The second example calculates the cost to wrap 24 pepsi cans individually for a birthday gift based on the dimensions of each can and a cost of $0.25 per square centimeter of wrapping paper. The final section lists homework problems from page 307 numbers 1 through 7.
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The document discusses the time value of money concept. It explains that money received sooner rather than later allows one to use the funds for investment or consumption purposes. A dollar today is worth more than a dollar tomorrow because it can earn interest if invested. The time value of money depends on interest rates and the number of time periods. Formulas for simple and compound interest, future value, present value, and interest rates are provided. Examples are given to illustrate how to calculate future and present values using the time value of money formulas.
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Day 14 simple interest
- 1. OBJECTIVE: How do we find simple interest? Do Now Fill in a Venn diagram with the following information: 28 students play soccer 35 students play basketball 12 students play both How many students play at least one sport? 1
- 2. Anticipatory Set Explain, in a complete sentence, your understanding of interest when dealing with bank accounts. Simple Interest Formula: I = prt Where I = interest p = principal r = interest rate as a decimal t = time in years 2
- 3. 1 Find the simple interest if you deposit $1,200 at an interest rate of 5.5% for 2 years. 3
- 4. 2 Find the simple interest if you borrow $1,000 at an interest rate of 9.75% for 4 years. 4
- 5. 3 Find the simple interest if you borrow $2,500 at an interest rate of 8% for 15 years. 5
- 6. 4 Find the simple interest if you deposit $1250 at an interest rate of 3.5% for 6 months. (HINT: Look back at the formula written in your notes) 6
- 7. 5 Find the simple interest if you borrow $7500 at an interest rate of 5.5% for 9 months. (HINT: Look back at the formula written in your notes) 7
- 8. 6 4 years ago I deposited $500 into a savings account, but I forgot the interest rate. If the simple interest was $140, what is the interest rate? 8
- 9. Before You Leave Compound Interest Mortgage Payments P[i(1 + i)]n M= [(1 + i)n - 1] P = Principal i = rate divided by 12 n = number of months 9
- 10. Mr. Tjersland's Math 7 Homework: Pages 330-331 #1, 2, 6, 7, 29, 30 10