1. Materials DE Marker 15 Small White Boards Reminders

2. Get out your agenda if you see your name below. You need to come to my room tomorrow. Period 2Period 7 Anthony N. Myranda M. Jacob B.

4. 5-9 Simple Interest How do I solve problems involving simple interest?

5. Questions:Notes: What is the principle? Principle – the amount of money invested or borrowed. In the above example, $25,000 is the principle. What does interest mean? Interest – the amount of money paid or earned for the use of money Example: Bubba borrows $25,000 from the bank for a new shrimp boat at a rate of 8% interest per year.

6. Questions:Notes: How do I find simple interest? Use the simple interest formula: I = prt, Where I is the simple interest per year, p is the principle, r is the rate (decimal equivalent of the percent), and t is the time in years. Example: Bubba borrows $1000 at a rate of 6.5% interest for 2 years. How much interest will he pay?

7. Concept Check Work in groups of 2 using a WHITE BOARD and a scratch sheet of paper. Use the formula, I=prt, to fill in the missing loan information in the table. Interest (I)Principle (p)Rate ( r )Time (t) in years $506.50%6 years $4.50 7%2 years $7.77$250 6 months $10.25$4009%

8. Homework Pgs. 292; 1-20 and 25-26 AND Cornell Notes Summary