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

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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

Solve problems involving simple interest.
principal Main Idea/Vocabulary

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

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

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

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

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

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

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

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

(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

(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

(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

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

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

(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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