lesson 8 simple interest.notebook
March 14, 2016
3/14 Problem of the Day
Common Core Review:
1. The table shows the cost of downloading songs from a website. At this rate, what is the cost per song?
2. This spinner is divided into eight equal­sized sections. Each section is labeled with a number. Jake spins the arrow on the spinner once. Put the events into the correct order from least likely to most likely.
3
Arrow lands on a section labeled with the number 1.
2
1
1
1
4
3 1
Arrow lands on a section labeled with an
odd number.
Arrow lands on a section labeled with a number less than 4.
Previous Lesson Review:
3. A furniture store has the following sale:
a. Mr. Davis bought 2 chairs during the sale. The regular price of each chair was $168. What was the total price, in dollars, for both chairs during the sale, not including tax?
b. Ms. Wilcox bought a sofa and a chair during the sale. The regular price of the sofa was $875 and the regular price of the chair was $250. After the discount was applied, a sales tax of 6.25% was charged on the total purchase. How much did Ms. Wilcox pay including tax?
Mar 13­4:37 PM
1
lesson 8 simple interest.notebook
March 14, 2016
Today's Objective:
S + (antonym of her) ­h +
+ (antonym of exit) +
Jul 30­11:09 AM
2
lesson 8 simple interest.notebook
March 14, 2016
3/14 Lesson 8: Simple Interest The formula for Simple Interest actually is I=P x r x t.
or
Interest= Principal
(amount borrowed)
x rate x
%
time
(years)
(written as a decimal)
Questions to Ponder:
1) Why would you have to add the unit t or time to the formula?
2) What kind of item would you buy that might take you a lot of time to pay for?
3) Who benefits when it takes a long time to pay for an item?
4) Can interest ever be beneficial to you?
5) Do we just pay back the amount of interest?
Jul 30­1:32 PM
3
lesson 8 simple interest.notebook
March 14, 2016
Once you find the amount of interest, how do you find
how much money you owe?
$15
,500
5% Interest rate
for 6 years
Jul 30­2:46 PM
4
lesson 8 simple interest.notebook
March 14, 2016
Using your new formula, I = P x r x t, work through these problems
with your shoulder partner. You may use your calculator. Record
your answers in your journal.
kids,
reepy e
c
,
y
e
H
m
u help
can yo t what I will
ou
figure e? et
P
e
ow
So, you need some new cans,huh? Well, I can definitely help you with that loan. Interest rates are pretty stiff right now due to the recession. I think I can manage to give
you a loan of $45.00 with an interest rate of 15%. Oscar, due to your bad
credit, I can give you 1 year to pay it back.
How does that sound?
Jul 30­1:49 PM
5
lesson 8 simple interest.notebook
2.
March 14, 2016
He
ma y, Pe
can n. I w te. I
wa ant reall
y
tch
a
my flat need
sel scre a lo
fp
e
lay n tv an,
.
so
I
I knew Beckham
would come begging one day.
A M
wil itsub
l
fam only ishi 7
o
pay us, charg 3" fla
a
t
sou his n in e yo t scre
nd? bac tere u, s en k in st r ince sel
2 y ate yo ls fo
ear of 8 u a r $1
s, r %. re q 90
igh Yo uite 0. I
t?H u w ow an
do t to
es tha
t Can you help David Beckham figure out the amount of
interest he will have to pay to Pete?
Jul 30­2:07 PM
6
lesson 8 simple interest.notebook
3.
March 14, 2016
SAH
set -WEE
of w
T
hee
ls!
Can you figure
the interest on
James Bond's
loan?
Scu
b
$10 a Car
5,0
00
I hy W
.
%
9
or
do e you k. hat s
'
e
c
t
s t
a
rg
Pe cha e b doe
t
a
ly y m w
in gg ill on o pa . Ho
e
b
w
ow
I st
...
nd out! onth ight n
o
B
r
es p you 78 m you m
l
e
r
a
e
J h tak fo
e
d, on lad to can I hav
B
, e g you al d
n
Bo uld b and st de
wo erest e be
int at's th
Th und?
so
Jul 30­2:16 PM
7
lesson 8 simple interest.notebook
BAH-HUMBUG!
I will be ROLLING
in dough!
March 14, 2016
Ebenezer Scrooge put $5000 in the
bank. If the bank pays him 2%
interest, what will he have in
129 months?
Ebenezer Scrooge put $5000 in the
bank. If the bank pays him 2%
interest, what will he have in
6 months?
Jul 30­2:41 PM
8
lesson 8 simple interest.notebook
March 14, 2016
Assignment: Lesson 8 Simple Interest Worksheet
SHOW WHAT YOU ARE PUTTING INTO THE CALCULATOR.
TEST ON WEDNESDAY, MARCH 23 (200 POINTS).
Mar 13­5:05 PM
9