Simple Interest II
Presentation
•
Mathematics
•
8th Grade
•
Hard
Standards-aligned
Brandon Smith
Used 10+ times
FREE Resource
10 Slides • 4 Questions
1
Simple Interest II
12/10/20
2
Multiple Choice
What is the simple interest formula?
R = pit
I = prt
T = rpi
P = irt
3
Remember what the variables stand for...
I = interest
p = principal
r = rate (move the decimal point 2 spaces to the left)
t = time (in years)
4
Kira took out a $9000 loan for 7 months and was charged simple interest. The total interest she paid on the loan was $336. What was the rate?
5
Fill the formula in w/ the important info...
$9000 loan for 7 months
interest she paid on the loan = $336
What is the rate?
I = prt
336 = (9000)(r)(7/12)
336 = 5250r
0.064 = r Remember how we moved the decimal point to make this a decimal. This answer is asking a rate (aka a %). Move the decimal point 2 spots to the right now.
0.064 = 6.4% = r
6
Lisa took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The total interest she paid on the loan was $231.00.
7
Fill the formula in w/ the important info...
7 months at a rate of 7.2%
interest she paid on the loan was $231.00
I = prt
231 = (p)(.072)(7/12)
231 = p0.042
$5,500 = p
8
Elsa took out a loan for $4800.00 and was charged simple interest at an annual rate of 11.5%. The total interest she paid on the loan was $138.00. How long was the loan for?
9
Multiple Choice
Fill the formula in w/ the important info...
loan for $4800.00
rate of 11.5%
interest she paid on the loan was $138.00
I = (4800)(11.5)(138)
138 = (4800)(.115)(t)
I = (4800)(11.5)(t)
138 = (4800)(11.5)(t)
10
Fill the formula in w/ the important info...
loan for $4800.00
rate of 11.5%
interest she paid on the loan was $138.00
I = prt
138 = (4800)(.115)(t)
11
Multiple Choice
What does the next step look like?
138 = 552t
138 = 55200t
138t = 55200
138t = 552
12
Multiple Choice
Solve for t.
138 = 552t
25 = t
76,176 = t
0.25 = t
4 = t
13
Your equation should look like...
I = prt
138 = (4800)(.115)(t)
138 =552t
0.25 = t
14
Now convert it to how we actually speak.
0.25 = t
Convert it to days. 0.25 times 365 = 91.25 days
Convert it to months. 0.25 times 12 = 3 months
Convert it to years. 0.25 times 1 = 0.25 years
Simple Interest II
12/10/20
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