lesson 3-3 example 4 3-3 solve. daniel put $1,500 into a savings account. the simple interest rate...
TRANSCRIPT
3-3
Solve.
Daniel put $1,500 into a savings account. The simple interest rate is 4.5%. How much interest will Daniel earn in 1 month? in 6 months? in 12 months?
Understand Read the problem. Write what you know.
Daniel invests $1,500 at an interest rate of 4.5%.
3-3
Plan Pick a strategy. One strategy is to solve a simpler problem.
3-3
Solve Use the simple interest formula to calculate the interest for 1 month, 6 months, and 1 year.
1 month I = 1,500 ● 0.045 ● = 5.625
6 months I = 1,500 ● 0.045 ● 0.5 = 33.75
12 months I = 1,500 ● 0.045 ● 1 = 67.50
I = prt
3-3
Check The amount of interest should increase as the number of months increases.