Simple Interest
Presentation
•
Mathematics
•
7th - 8th Grade
•
Hard
Standards-aligned
Erika Miller
Used 39+ times
FREE Resource
11 Slides • 6 Questions
1
Simple Interest
By Erika Miller
2
Simple Interest
When you save money in the bank, they reward you with INTEREST
When you take out a loan, you pay an extra fee, INTEREST
Amount started with
3
3 mo = 0.25 yrs
4 mo = 0.33 yrs
6 mo = 0.5 yrs
8 mo = 0.66 or 0.67 yrs
9 mo = 0.75 yrs
12 mo = 1 yr
4
5
6
7
8
Amount started with
Solving for Interest: Multiply P x R x T
RATE must be in decimal form
TIME must be in years
9
Multiple Choice
Interest rate =5%
Time = 5 years
What is the interest earned?
10
Multiple Choice
11
Multiple Choice
12
13
Multiple Choice
Mr. Peterson wrote a check for $7,820 to pay off the interest on a loan which was given to him at a rate of 5% simple interest for 4 years. How much money did he originally borrow?
$3,910
$391
$1,955
$39,100
14
15
Multiple Choice
You lend $240 to your friend. He pays you back $270 in 1 year. What interest rate did you charge your friend?
16
17
Multiple Choice
Jaime wants to earn $500 in interest so she'll have enough to buy a used car. She puts $2,000 into an account that earns 2.5% interest. How long will she need to leave her money in the account to earn $500?
10 years
1 year
5 years
.1 years
Simple Interest
By Erika Miller
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