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7.RP.3b Day 4 first day Objective: I can find simple interest.

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Journal Sarah estimated she would need 5 pillows but she actually used 8. What is her percent error?

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Review Ted guessed he would spend $63 at the store but actually spent $89. What was his percent error?

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Quiz Angelina estimated she would buy $56 worth of groceries but she actually spent $45. What was her percent error?

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Grade Homework - Evens Pg 162 - #2: $98.5 Pg 163 - #2: $1,080.00 #6: Sport City Pg 164 - #10: In Class Pg 165 - #16: $26.80 #18: $4.90

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Notes When you put money in the bank you earn interest. Interest is money you are paid when you invest or money you pay when you borrow from someone else.

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Notes Principal is the amount you borrowed or invested. We use the letter “P” for principal. John borrowed $2000 to buy a car.

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Notes The interest rate is the percent that you pay because you borrowed the money. John paid a 3% interest rate on his car. We use “r” for rate.

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Notes Time is how long you borrowed or invested your money. Time is in years. John is going to make payments on his car for 4 years. We use “t” for time.

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Notes John borrowed $2000 at a 3% interest rate for 4 years.

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Notes Interest = principal * rate * time I = prt

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Notes John borrowed $2000 at a 3% interest rate for 4 years. I = prt

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Notes Mrs. Ramirez is investing $400 in a savings account at a simple interest rate of 2%. She plans on investing the money for 6 months. How much interest will she make?

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Notes Arnold puts $580 into a savings account. The account pays 3% interest. How much will he earn in 5 years?

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Notes Jenny puts $1,560 in a savings account. The account will pay 2.5% simple interest. How much interest will she earn in 3 years?

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Notes Mrs. Hanover borrowed $1,400 at a rate of 5.5% per year. How much simple interest will she pay if it takes 8 months to repay the loan?

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Notes Howard charged $425 to his credit card. If it has an interest rate of 9.9%, how much will he pay after one month?

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Homework Lesson 8 Skills Practice

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Lesson 7.6 Concept: How to find simple interest Guidelines: When you compute simple interest for a time that is less than 1year, write the time as a fraction.

Lesson 7.6 Concept: How to find simple interest Guidelines: When you compute simple interest for a time that is less than 1year, write the time as a fraction.

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