simple interest simple interest is the amount paid for the use of money

SIMPLE INTEREST Simple interest is the amount paid for the use of money.

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SIMPLE INTEREST

Simple interest is the amount

paid for the use of money.

FORMULA

I=PRT

Page 3: SIMPLE INTEREST Simple interest is the amount paid for the use of money

INTEREST EQUALS

• PRINCIPAL - the amount of money invested or borrowed

• RATE - in the annual interest

• TIME - in years

Page 4: SIMPLE INTEREST Simple interest is the amount paid for the use of money

SAVINGS ACCOUNT

• You can also use the formula to find the simple interest when you deposit money in a savings account

Page 5: SIMPLE INTEREST Simple interest is the amount paid for the use of money

INVESTING• Angie has $500 in a savings

account that pays 5% simple interest.

• How much interest will she earn in 2 years?

• How much interest will she earn if she withdraws the money after 9 months?

Page 6: SIMPLE INTEREST Simple interest is the amount paid for the use of money

HOME IMPROVEMENT

• If you borrow $5,000 at 11.5% for 3 years to make home repairs and improvements. How much will you have to pay back, including interest?

Page 7: SIMPLE INTEREST Simple interest is the amount paid for the use of money

DISCOUNT & SALES TAX

–WHEN AM I EVER GOING TO USE THIS?

–Knowing how to calculate discounts and sales tax will help you determine how much money you’re actually spending when you shop.

Page 8: SIMPLE INTEREST Simple interest is the amount paid for the use of money

MONEY MATTERS

• A $53 racquet at Sports Galore is on sale for 20% off the regular price.

• What is the amount of the discount?

• What is the sale price ?

Page 9: SIMPLE INTEREST Simple interest is the amount paid for the use of money

PERCENT OF CHANGE• When shopping for

roses the originally cost was $36 dollars before Valentines Day is now on sale for $18 dollars.

• What is the percent of decrease of the roses?

Created By:Lynn Husen & Pat Layton

Maury Middle

Dandridge, TN

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