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Five-Minute Check (over Lesson 5-8)
Main Idea and Vocabulary
Targeted TEKS
Example 1: Find Simple Interest
Example 2: Find the Total Amount
Example 3: Find the Interest Rate
Find Simple Interest
Find the simple interest for $2,000 invested at 5.5% for 4 years.
I = prt Write the simple interest formula.
I = 2000 ● 0.055 ● 4 Replace p with 2,000, r with0.055, and t with 4.
I = 440 The simple interest is $440.
Answer: $440
A. A
B. B
C. C
D. D A B C D
0% 0%0%0%
A. $160
B. $175
C. $215
D. $225
Find the simple interest for $1,500 invested at 5% for 3 years.
GRIDDABLE Find the total dollar amount in an account where $80 is invested at a simple annual interest rate of 6% for 6 months.
Find the Total Amount
Read the Test Item
You need to find the total amount in an account. Notice
that the time is given in months. Six months isyear.
Solve the Test Item
I = prt Simple interest formula
I = 2.4 Simplify.
Answer: The amount in the account is $80 + $2.40 or $82.40.
Find the Total Amount
1. A
2. B
3. C
4. D
0%0%0%0%
A B C D
A. $60.30
B. $61.20
C. $62.20
D. $62.30
TEST EXAMPLE Find the total amount of money in an account where $60 is invested at 8% for 3 months.
LOANS Gerardo borrowed $4,500 from his bank for home improvements. He will repay the loan by paying $120 a month for the next four years. Find the simple interest rate of the loan.
Use the formula I = prt. To find I, first find the total amount of money Gerardo will pay.
$120 ● 48 = $5,760
He will pay $5,760 – $4,500 or $1,260 in interest. So, I = 1,260. The principal is $4,500. So, p = 4,500.
The loan will be for 48 months or 4 years. So, t = 4.
Find the Interest Rate
I = prt Write the simple interest formula.
1,260 = 4,500 ● r ● 4 Replace I with 1,260, p with4,500, and t with 4.
1,260 = 18,000r Simplify.
Answer: The simple interest rate is 7%.
Find the Interest Rate
Divide each side by 18,000.
0.07 = r
1. A
2. B
3. C
4. D
0%0%0%0%
A B C D
A. 7.5%
B. 10%
C. 12%
D. 13.5%
LOANS Jocelyn borrowed $3,600 from her bank for home improvements. She will repay the loan by paying $90 a month for the next five years. Find the simple interest rate of the loan.
