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**Five-Minute Check (over Lesson 5–9) Main Idea and Vocabulary **

Example 1: Find Simple Interest Example 2: Test Example: Find the Total Amount Example 3: Real-World Example: Find the Interest Rate Lesson Menu

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**Solve problems involving simple interest.**

principal Main Idea/Vocabulary

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**Find the simple interest for $2,000 invested at 5.5% for 4 years.**

Find Simple Interest Find the simple interest for $2,000 invested at 5.5% for 4 years. I = prt Write the simple interest formula. I = 2000 ● ● 4 Replace p with 2,000, r with , and t with 4. I = 440 The simple interest is $440. Answer: $440 Example 1

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**Find the simple interest for $1,500 invested at 5% for 3 years.**

B. $175 C. $215 D. $225 A B C D Example 1

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**year. Find the Total Amount**

Find the total dollar amount in an account where $80 is invested at a simple annual interest rate of 6% for 6 months. A. $41.20 B. $82.40 C. $84.80 D. $108.80 Read the Item You need to find the total amount in an account. Notice that the time is given in months. Six months is year. Example 2

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**I = prt Simple interest formula**

Find the Total Amount Solve the Item I = prt Simple interest formula I = 2.4 Simplify. Answer: The amount in the account is $80 + $2.40 or $ The answer is B. Example 2

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**Find the total amount of money in an account where $60 is invested at 8% for 3 months.**

B. $61.20 C. $62.20 D. $62.30 A B C D Example 2

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**The loan will be for 48 months or 4 years. So, t = 4.**

Find the Interest Rate LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will repay the loan by paying $120 a month for the next four years. Find the simple interest rate of the loan. Use the formula I = prt. To find I, first find the total amount of money Gerardo will pay. $120 ● 48 = $5,760 He will pay $5,760 – $4,500 or $1,260 in interest. So, I = 1,260. The principal is $4,500. So, p = 4,500. The loan will be for 48 months or 4 years. So, t = 4. Example 3

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**I = prt Write the simple interest formula.**

Find the Interest Rate I = prt Write the simple interest formula. 1,260 = 4,500 ● r ● 4 Replace I with 1,260, p with 4,500, and t with 4. 1,260 = 18,000r Simplify. Divide each side by 18,000. 0.07 = r Answer: The simple interest rate is 7%. Example 3

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**LOANS Jocelyn borrowed $3,600 from her bank for home improvements**

LOANS Jocelyn borrowed $3,600 from her bank for home improvements. She will repay the loan by paying $90 a month for the next five years. Find the simple interest rate of the loan. A. 7.5% B. 10% C. 12% D. 13.5% A B C D Example 3

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(over Lesson 5-8) Find the percent of change. Round to the nearest tenth if necessary. State whether the percent of change is an increase of a decrease. original: 25 new: 28 10.7%; increase B. 10.7%; decrease C. 12%; increase 12%; decrease A B C D Five Minute Check 1

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(over Lesson 5-8) Find the percent of change. Round to the nearest tenth if necessary. State whether the percent of change is an increase or a decrease. original: 47 new: 36 A. 23.4%; decrease B. 23.4%; increase C. 30.6%; decrease D. 30.6%; increase A B C D Five Minute Check 2

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(over Lesson 5-8) Find the selling price for a book if the cost to the store is $65 and the markup is 30%. A. $45.50 B. $46.15 C. $84.50 D. $95 A B C D Five Minute Check 3

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**Find the sale price of a $120 lamp that is on sale for 15% off.**

(over Lesson 5-8) Find the sale price of a $120 lamp that is on sale for 15% off. A. $102.00 B. $112.00 C. $128.00 D. $138.00 A B C D Five Minute Check 4

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**A $350 grill is on sale for 25% off. Find the sale price.**

(over Lesson 5-8) A $350 grill is on sale for 25% off. Find the sale price. A. $437.50 B. $364.00 C. $336.62 D. $262.50 A B C D Five Minute Check 5

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(over Lesson 5-8) Find the amount of discount for a $28 shirt that is on sale for 65% off the original price. A. $9.80 B. $18.20 C. $20.20 D. $65.00 A B C D Five Minute Check 6

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