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7.RP.3b Day 4 first day Objective: I can find simple interest.
Journal Sarah estimated she would need 5 pillows but she actually used 8. What is her percent error?
Review Ted guessed he would spend $63 at the store but actually spent $89. What was his percent error?
Quiz Angelina estimated she would buy $56 worth of groceries but she actually spent $45. What was her percent error?
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
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.
Notes Principal is the amount you borrowed or invested. We use the letter “P” for principal. John borrowed $2000 to buy a car.
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.
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.
Notes John borrowed $2000 at a 3% interest rate for 4 years.
Notes Interest = principal * rate * time I = prt
Notes John borrowed $2000 at a 3% interest rate for 4 years. I = prt
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?
Notes Arnold puts $580 into a savings account. The account pays 3% interest. How much will he earn in 5 years?
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?
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?
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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