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**Rounding 3 Round to the nearest whole number 3.46**

Round to the nearest cent $ Round to the nearest tenth Round to the nearest dollar $14.13 Round to the nearest hundredth Round to the nearest thousandth $19.94 258 $14.00 0.99 17.630

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**Lesson 8-6 Solve problems involving simple interest.**

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**Simple Interest What is interest?? Words to know:**

Simple Interest- the amount paid or earned for the use of money. Principal- the amount of money deposited or invested.

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Simple Interest To find simple interest we use the following formula: I = prt The amount of time the money is invested or borrowed (years) Interest Interest rate written as a decimal Principal

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**Find the interest earned**

Ray has $750 in a savings account that pays 3% simple interest. How much interest will he earn in 4 years? I = 750 x 3% x 4 Ray will earn $90 interest in 4 years.

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**Find the interest paid I = 1,200 x 8% x 2**

Cory borrows $1,200 from the bank for a riding lawn mower. The interest rate is 8% per year. How much simple interest will he pay if he takes 2 years to repay the loan? I = 1,200 x 8% x 2 Cory will pay $192 interest in 2 years.

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**Find the interest earned.**

Kate’s bank offered 4% simple interest on her deposit. She has $1,500 to invest. How much interest will she earn in 30 months? 30 months is how many years? 30/12 = 2.5 years I = 1,500 x 4% x 2.5 Kate will earn $150 interest in 30 months.

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**Find the total paid 9 months is how many years? 9/12 = .75 years**

Henry charged $600 TV on his credit card with an interest rate of 21%. How much money will he owe after 9 months. 9 months is how many years? 9/12 = .75 years I = 600 x 21% x .75 = $94.50 interest Amount paid $600 + $94.50 = $694.50

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Try these Allison charged a $30 handbag on her credit card with an interest rate of 8%. How much money would she pay after 6 months? Marcus has $1,800 dollars from his summer job to invest. If he invest in a savings for 3 years at a rate of 5.25%. How much interest will he earn? $31.20 $283.50

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**Practice / Homework Complete page 584 lesson 8-6 # 2- 12 evens**

Homework: Lesson 8-6 # 1-16 all

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5 Minute Check Find the price to the nearest cent. Complete on the back of your homework. 1. $60; with a 60% discount 2. $40; with 7% tax 3. $199; with.

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