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Simple Interest 21.6

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Vocabulary Principal = the original amount of money that is saved or borrowed. Simple interest = a fixed percent of the principal paid yearly.

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Interest Formula (This formula is similar to d = rt) I = Interest P = Principal R = Interest rate per year T = Time, in years I = prt

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Katrina puts $500 in a savings account at a simple interest rate of 6% per year for two years. How much interest will she earn? I = prt I = $500.06 2 I = $60

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Bill borrows $500. He will repay it in 2 years at a simple interest rate of 8%. How much will he have to repay at the end of 2 years? I = prt I = $500.08 2 I = $80 $80 + $500 = $580 Bill will have to repay $580

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Assignment - In Class Complete PW 21.6 –You may use a calculator Complete Ch. 21 Review (p. 414) –1-33 all –On lined paper –You may use a calculator

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Simple and Compound Interest Simple Interest I = Prt Compound Interest A = P(1 + r)

Simple and Compound Interest Simple Interest I = Prt Compound Interest A = P(1 + r)

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