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Simple Interest

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Definitions Principal--Money you put in. Interest--Money earned. Interest Rate--percentage. Balance=Principal + Interest

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Formula for Interest I= prt I =Interest p =Principal r =Interest rate (as a decimal) t =Time in years

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Example 1 Find the interest earned on $500 invested at 7% interest for 1 year. I = (500)(0.07)(1) I = $35

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Example 2 Find the interest earned on $1200 invested at 6.25% interest for 3 years. I = (1200)(0.0625)(3) I = $225

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Example 3 Find the balance of an account where $950 is invested at 7.5% interest for 8 years. I = (950)(0.075)(8) I = $570 Balance = $950 + $570 = $1520

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Example 4 You deposit $150 into a savings account that pays you 6% interest every year. How much interest will you receive in one year? I = (150)(0.06)(1) I = $9 What is your balance? $150 + $9 = $159

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Sue deposits $720 into an account that earns 6.5% interest per year. How much interest will she earn in 3 months? I = (720)(.065)(.25) I = $11.70

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Jim deposits $225 into an account that earns 4.5% interest per year. How much interest will Jim have earned in 9 months? I = (225)(0.045)(5) I = $50.63 Balance = $225 + $50.63= $275.63

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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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