L3.5/L3.6

Open Ended

Eliza cannot decide which of two identical bicycles to buy. The original price of each is $380. The first is marked down by 50%. The second is marked down by 30% with an additional 20% off. Which bicycle should Eliza buy?

Do the required work on scratch, then explain your answer here in words.

Open Ended

A shoe store uses a 50% markup for all of the shoes it sells. The store also charges a 10% sales tax on all purchases. What would be the purchase price, including sales tax, of a pair of shoes that has a wholesale cost of $57?

(Explain what you did to find the answer)

Simple Interest​

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​Lesson 3.6:

​I can statements

• ​I can identify what each variable means in the simple interest formula​​

• I can find the simple interest given the principal, interest rate, and time​

• ​I can find the principal given the simple interest, interest rate, and time​

• ​I can relate simple interest to real-world applications

You want to open a savings account. You compare the offers at two different banks to decide where you should open the savings account

Open Ended

a) Write an expression that shows how much would be in the first savings account if your initial deposit was d dollars.

(Write your expression on scratch, too, to refer back to it later)

Open Ended

b) Write an expression that shows how much would be in the second savings account if your initial deposit was d dollars.

(Write your expression on scratch, too, to refer back to it later)

Open Ended

c) Use the two expressions to explain how the offers at the two banks are similar and how they are different.

Open Ended

d) Suppose your first deposit is $500. Which bank sh

Open Ended

Victoria opens a savings account with a deposit of $300. She will earn 1.6% simple interest each year on her money. How much interest will she earn over 5 years?

(Assuming she does not add or take out any money)

Open Ended

Victoria has another account at the bank that pays $$2\frac{1}{2}\%$$  annual simple interest. How much interest will she earn in 8 years on an initial deposit of $250?

(Assuming she does not add or take out any money)

Open Ended

Robert deposits $3,000 in a bank for 3 years with an annual simple interest rate of 8%.

a) What will the interest amount be after after 1 year?

b) What will the interest amount be after 2 years?

c) What will the interest amount be after 3 years?

Open Ended

John wants to have an interest income of $3,000 a year. How much must he invest for one year at 8% simple interest rate?

Open Ended

Jessica wants to have an interest income of $2,500 a year. How much must she invest for one year at 5% simple interest rate?

Open Ended

Jane owes the bank some money at 4% per year. After half a year, she paid $45 as interest. How much money does she owe the bank?