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Transcript of Transparency 8 Click the mouse button or press the Space Bar to display the answers.
![Page 1: Transparency 8 Click the mouse button or press the Space Bar to display the answers.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649da85503460f94a9449d/html5/thumbnails/1.jpg)
Click the mouse button or press the Space Bar to display the answers.
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Objective
Solve problems involving simple interest
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Vocabulary
Interest
The amount of money paid or earned for the use of money
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Vocabulary
Principal
The amount of money invested or borrowed
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Example 1 Find Simple Interest
Example 2 Find the Total Amount
Example 3 Find the Interest Rate
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Find the simple interest for $2,000 invested at 5.5% for 4 years.
Write the simple interest formula.
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Replace p with amount invested I = 2,000
Replace r with rate which is in %I = 2,000 5.5%
Replace t with time in years
I = 2,000 5.5% 4
Use calculator to solve
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Find the simple interest for $2,000 invested at 5.5% for 4 years.
Enter 2,000
Answer: I = $440
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I = 2,000I = 2,000 5.5%I = 2,000 5.5% 4
2,000 5.5 4
Enter multiplication sign
Enter 5.5Enter %
%Enter multiplication sign
Enter 4Enter =
=
I = 440
Add dimensional analysis
I = $440
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Find the simple interest for $1,500 invested at 5% for 3 years.
Answer: I = $225
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Find the total amount of money in an account where $80 is invested at 6% for 6 months.
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Total Amount = Interest + principle
Find the total amount of money
Write the interest formula
Replace p with amount investedI = 80
Replace r with rate which is %
I = 80 5.5%
Replace t with time in years
I = 80 5.5%
Time is given in months and must have years so put over denominator of 12 (12 months in a year)
612
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Find the total amount of money in an account where $80 is invested at 6% for 6 months.
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Solve using a calculator
Find the total amount of money
I = 80 I = 80 5.5% I = 80 5.5% 612
I = $2.40
Remember: Must find total amount by adding the interest to the principle
Total = Principle + Interest Replace principle with 80
Total = 80 Replace interest with 2.40Total = 80 + 2.40AddTotal = 82.40Add dimensional analysis
Total = $82.40
Answer: Total = $82.40
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Answer:
Find the total amount of money in an account where $60 is invested at 8% for 3 months.
Total = $61.20
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LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will pay $1,260 interest for the next four years. Find the simple interest rate of the loan.
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Write the simple interest formula.
Replace I with interest paid1,260 Replace p with amount borrowed
1,260 = 4,500
Define the variable for the rate
Find the simple interest rate
1,260 = 4,500 r
Replace t with time in years
1,260 = 4,500 r 4
Combine “like” terms
Commutative Property of Multiplication allows changing order when multiplying
4,500 r 4
1,260 = 18,000 r
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LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will pay $1,260 interest for the next four years. Find the simple interest rate of the loan.
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Ask “what is being done to the variable?”
1,260 1,260 = 4,500
Find the simple interest rate
1,260 = 4,500 r 1,260 = 4,500 r 4 4,500 r 4
1,260 = 18,000 rThe variable is being multiplied by 18,000
Do the inverse on both sides of the equal sign
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LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will pay $1,260 interest for the next four years. Find the simple interest rate of the loan.
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Bring down 1,260 = 18,000 r
1,260 1,260 = 4,500
Find the simple interest rate
1,260 = 4,500 r 1,260 = 4,500 r 4 4,500 r 4
1,260 = 18,000 r
1,260 = 18,000 r
Using the fraction bar, divide both sides by 18,000
18,000 18,000
Combine “like” terms
0.070.07 = 1 r
Use Identify Property to multiply 1 r
0.07 = r
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LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will pay $1,260 interest for the next four years. Find the simple interest rate of the loan.
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Find the simple interest rate
1,260 = 4,500 r 4
1,260 = 18,000 r
1,260 = 18,000 r18,000 18,000
7% = rate
0.07 = 1 r0.07 = r
Remember: Rate is a % so multiply by 100 and add % sign
Answer:
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LOANS Jocelyn borrowed $3,600 from her bank for home improvements. She will repay the loan by paying $90 a month for the next five years. Find the simple interest rate of the loan.
Answer: Rate = 10%
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