Solve Problems Involving Simple Interest (9)

Solve problems involving simple interest(ACMNA211)

LO: To calculate simple interest..
Know:

  • What interest is.

Understand:

  • That a quantity can grow by a set amount over a set period of time.

Do:

  • I can calculate the simple interest of a quantity.

Essential Questions:

  • What is a percentage?
  • Why is a percentage always out of 100?

What is Interest?

Interest is something that occurs when people borrow money.

When people borrow money, it usually costs them something in order to borrow money.

What lenders charge is called interest.

Formula for Calculating Interest

I = PRT
I – Interest earned
P – Principle (amount starting/amount invested)
R- Rate (how much does it grow)
T – Time (length invested)

The formula in order to calculate interest is principle multiplied by the interest rate (usually per year) multiplied by the time.

Worksheets

simple-interest-worksheet-1.pdf
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simple-interest-worksheet-1.pdf
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simple-interest-worksheet-2.pdf
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simple-interest-worksheet-5.pdf
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simple-interest-worksheet-3.pdf
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simple_interest.pdf
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Simple Interest Videos

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