Presentation on theme: "Splash Screen. Over Lesson 7–6 5-Minute Check 1 TAXES Martina bought a new pair of shoes. Her receipt is shown below. She wants to know the sales tax."— Presentation transcript:
Over Lesson 7–6 5-Minute Check 1 TAXES Martina bought a new pair of shoes. Her receipt is shown below. She wants to know the sales tax rate, but she spilled water on the receipt, blurring the information. What is the sales tax rate in Martina’s state?
Then/Now You have already solved problems using the percent proportion. Solve simple interest problems and apply the simple interest equation to real-world problems. Solve compound interest problems.
Vocabulary simple interest – interest paid only on the initial principal
Example 1A Find Simple Interest A. Find the simple interest for $2000 invested at 2.5% for 3 years. I=prt Write the simple interest formula. I=2000 ● 0.025 ● 3 Replace p with 2000, r with 0.025, and t with 3. I= 150 Simplify. Answer: The simple interest is $150.
Example 1B Find Simple Interest B. Find the simple interest for $4500 invested at 4.25% for 24 months. I=prtWrite the simple interest formula. I=4500 ● 0.0425 ● 2Replace p with 4500, r with 0.0425, and t with 2. I= 382.50Simplify. Answer: The simple interest is $382.50. The loan will be for 24 months or 2 years, so t = 2
Example 1A A.$105 B.$150 C.$210 D.$350 A. What is the simple interest for $3000 invested at 3.5% for 2 years?
Example 1B A.$137.50 B.$275 C.$302.75 D.$412.50 B. What is the simple interest for $2500 invested at 2.75% for 48 months?