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Lesson 7.8 Simple Interest

- Standards NS 1.3 and NS 1.7
- Objective Use the simple interest formula.

If someone borrows money, what factors

influence how much is paid back?

Principal -

How much was borrowed.

Time -

How long it was borrowed for.

(in years)

Rate -

What interest was charged.

(annual rate)

Amount to Payback

Principal

Interest

Interest

Principal

Rate

Time

Joe borrows 200 from the bank at 6

simple interest for 3 years. What interest does

he owe, and what is his total balance (amount to

payback)?

Interest

Balance

Balance

P

I

Balance

200

36

Balance 236

Balance 236

Juan invests 5000 in bonds for 6 months at

an annual interest rate of 7. How much

interest did he earn, and what is the balance in

his account?

Interest

Balance

Balance

P

I

Balance

5000

175

Balance 5175

Balance 5175

Find the simple interest and the balance.

Balance

P

I

Balance

2000

60

Balance 2060

Find the annual simple interest rate.

Find the annual simple interest rate.

Find the principal amount invested.

Quick Draw for Points

- You will have 60 seconds to solve each problem
- The text is Simple Interest Problems

Example 1 Finding Interest on a Loan

To buy a car, Jessica borrowed 15,000 for 3

years at an annual simple interest rate of 9.

How much interest will she pay if she pays the

entire loan off at the end of the third year?

First, find the interest she will pay.

I P ? r ? t Use the formula.

I 15,000 ? 0.09 ? 3 Substitute. Use 0.09 for

9.

I 4050 Solve for I.

Example 1A Finding Total Payment on a Loan

What is the total amount that she will

repay? Jessica will pay 4050 in interest.

You can find the total amount A to be repaid on a

loan by adding the principal P to the interest I.

P I A principal interest total

amount

15,000 4050 A Substitute.

19,050 A Solve for A.

Jessica will repay a total of 19,050 on her loan.

Example 2

TJ invested 4000 in a bond at a yearly rate of

2. He earned 200 in interest. How long was the

money invested?

I P ? r ? t Use the formula.

200 4000 ? 0.02 ? t Substitute values into

the equation.

200 80t

2.5 t Solve for t.

The money was invested for 2.5 years, or 2 years

and 6 months.

Example 3

Bertha deposited 1000 into a retirement account

when she was 18. How much will Bertha have in

this account after 50 years at a yearly simple

interest rate of 7.5?

I P ? r ? t Use the formula.

I 1000 ? 0.075 ? 50 Substitute. Use 0.075

for 7.5.

I 3750 Solve for I.

The interest is 3750. Now you can find the total.

Example 3 Continued

P I A Use the formula.

1000 3750 A Substitute.

4750 A Solve for A.

Bertha will have 4750 in the account after 50

years.

Example 4

Mr. Mogi borrowed 9000 for 10 years to make home

improvements. If he repaid a total of 20,000 at

what interest rate did he borrow the money?

P I A Use the formula.

9000 I 20,000 Substitute.

I 20,000 9000 11,000 Subtract 9000

from both sides.

He paid 11,000 in interest. Use the amount of

interest to find the interest rate.

Example 4 Continued

I P ? r ? t Use the formula.

11,000 9000 ? r ? 10 Substitute.

11,000 90,000 ? r Simplify.

Mr. Mogi borrowed the money at an annual rate of

about 12.2.

Summary

- I __________
- P__________
- r __________
- t __________
- A__________
- Interest Formula I ( )( )( )
- Amount Formula A ___ ___

SUMMARY

Principal -

How much was __________.

Time -

How _____it was borrowed for.

(in_____)

Rate -

What _______was charged.

(annual rate)

Amount to Payback

Principal

Interest

Interest

________

____

______

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