Simple Interest Lesson
Presentation
•
Mathematics
•
6th - 9th Grade
•
Hard
Joseph Anderson
FREE Resource
6 Slides • 6 Questions
1
Simple Interest
and compound interest
2
Learning Objectives
7.13 E - Calculate and compare simple and compound interest
8.12 D Calculate and compare simple and compound interest
3
simple interest (interest that is calculated once per period on the principal and not on any interest)
4
Simple Interest Formula
I = prt
5
Multiple Choice
True or False
The simple interest equation is I = prt
True
False
6
I = prt
p = principal
r = rate % (in decimal form)
t = time (in years)
*when there is no operation between variables, multiplication is implied.
7
Multiple Select
In the simple interest equation, I = prt , the p respresents what?
positive
principal
parenthesis
puppies
8
Multiple Choice
If a $5000 loan earns 7.5% annual interest for 3 years, which is the correct equation?
I = 5000(7.5)(3)
I = 5000(0.75)(3)
I= 5000(0.075)(3)
9
Multiple Choice
If a $5000 loan earns 7.5% annual interest for 3 years, how much interest is earned?
$1125
$125
$6125
10
Compound Interest is interest earned on the principal and the accumulated interest.
A = p(1+r)^t
(In other words, compound interest is interest upon interest upon interest. Compound interest increases exponentially, due to the exponent in the equation)
11
Multiple Choice
A $4,000 initial deposit earns 2.04% interest compounded for 5 years, which is the correct equation
A = 4000(2.04)(5)
A = 4000(1 + 0.0204)5
A = 4000(1 + 2.04)5
12
Multiple Choice
A $4,000 initial deposit earns 2.04% interest compounded for 5 years. How much is the interest earned, rounded to the nearest cent?
$4,424.99
$424.99
$4,000
Simple Interest
and compound interest
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