Simple Interest Learn to solve problems involving simple interest.

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Presentation transcript:

Simple Interest Learn to solve problems involving simple interest. Course 2 Simple Interest Learn to solve problems involving simple interest.

Insert Lesson Title Here Course 2 Simple Interest Insert Lesson Title Here Vocabulary interest simple interest principal

Course 2 Simple Interest One type of interest, called simple interest, is money paid only on the principal. The principal is the amount of money deposited or borrowed. To solve problems involving simple interest, you can use the following formula. Rate of interest per year (as a decimal) Interest I = P · r · t Time in years that the money earns interest Principal

Example 1: Using the Simple Interest Formula Course 2 Simple Interest Example 1: Using the Simple Interest Formula Find the missing value. I = , P = $575, r = 8%, t = 3 years I = P · r · t I = 575 · 0.08 · 3 Substitute. Use 0.08 for 8%. I = $138 Multiply. The simple interest is $138.00.

Example 2: Using the Simple Interest Formula Course 2 Simple Interest Example 2: Using the Simple Interest Formula Find the missing value. I = $204, P = $1,700, r = , t = 6 years I = P · r · t 204 = 1,700 · r · 6 Substitute. 204 = 10,200r Multiply. 204 10,200 = 10,200r Divide by 10,200 to isolate the variable. 0.02 = r The interest rate is 2%

Simple Interest Example 3 Find the missing value. I = Course 2 Simple Interest Example 3 Find the missing value. I = , P = $525, r = 7%, t = 2 years I = P · r · t I = 525 · 0.07 · 2 Substitute. Use 0.07 for 7%. I = $73.50 Multiply. The simple interest is $73.50.

Simple Interest Example 4 Find the missing value. Course 2 Simple Interest Example 4 Find the missing value. I = $600, P = $2,000, r = , t = 3 years I = P · r · t 600 = 2,000 · r · 3 Substitute. 600 = 6,000r Multiply. 600 6000 = 6,000r 6,000 Divide by 6,000 to isolate the variable. 0.1 = r The interest rate is 10%