Simple Interest Intro Lesson

Write the simple interest formula.

Tags

CCSS.8.EE.C.7B

In the simple interest formula, label each variable.

I = PRT

I =​ ​ (a)   P = ​ (b)   R = ​ (c)   ​ T = ​ (d)  

• Simple Interest
• Principal
• Rate
• Time
• Tax
• Ratio
• Increment
• Payment
• Income
• Tip

Tags

CCSS.7.EE.A.1

In the simple interest formula, label each variable.

I = PRT

I =​ ​ P = ​ R = ​ ​ T = ​

Groups:

(a) I

,

(b) P

,

(c) R

,

(d) T

• Principal of $200

• rate of 4%

• A simple interest of $10

• 6% interest rate

• 2 years

• Gained $400 in interest

• Starting amount of $2000

• 4 months

Tags

CCSS.6.EE.B.7

Match the following vocab words with their definition.

• the amount of time in years

• Simple Interest

• a fixed percentage in decimal form

• Rate

• the starting amount of money

• Principal

• the amount of money gained from interest

• Time

Tags

CCSS.7.RP.A.3

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction
• decimal
• ratio
• dollar amount

Tags

CCSS.7.EE.A.2

CCSS.7.EE.B.3

CCSS.7.RP.A.3

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

• Add 12 to the months

• divide the months by 12

• multiply 12 times the months

• move the decimal twice to the left

Tags

CCSS.7.RP.A.3

True or False. When I have a percent I have to divide it by 100% (or move the decimal left twice) to change it into a decimal.

• True

• False

Michael borrowed $200 from his parents to buy a PS5. He will pay them back in 2 years with 4% simple interest. How much will Michael pay in simple interest?

Mathematical Equivalence

ON

Tags

CCSS.7.RP.A.3

Tony is taking out a simple-interest loan for $9,000 in order to open a skateboard shop. What will be the amount of simple interest if he had a rate of 2.5% for 3 years?

Mathematical Equivalence

ON

Tags

CCSS.7.RP.A.3

You invest $500 at 4% rate and receive $60 in simple interest. How many years was it invested for?

Mathematical Equivalence

ON

Tags

CCSS.7.RP.A.3