Equations Lesson 6.12 Simple and Compound Interest.notebook
1
Title Page
TEKs8.12 Calculate and compare simple interest and compound interest earnings
Interest • Students will calculate simple and compound interest earnings.
• Students will compare simple and compound interest.
Warm Up
answer ANSWERS
1. n+13>27
2. n5<33
3. 30<n+(8)
4. C
Write an equation or inequality for the following.
1. The sum of a number and 13 is at least 27.2. A number decreased by 5 is less than 33.3. Thirty is no greater than the sum of a number and 8.
4.Which inequality is NOT equivalent to x<12?
x7<5x+4<16
x1<1312>x
Equations and Inequalities
Practice Answers
Practice Answers
Maintain Your Skills
1. 3; y = 3x + 4
2. 2; y = 2x + 6
3. 1; y = x + 2
c + m < 500
Math Humor
Math Humor
Why did the student get upset when his teacher called him average?
It was a 'mean' thing to say!
c
Launch
What are the differences in the graphs?
Equations Lesson 6.12 Simple and Compound Interest.notebook
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Labsheet
Cut and tape Labsheet in your journal.
1. Harry received $500 to open a savings account that earns 5% of the original deposit each year.Harry plans to leave the money in the account for at least 5 years. Complete the table below. Round any interest earned to the nearest penny.
2. Barry received $500 to open a savings account that earns 5% of the initial deposit in the first year, and then 5% of the prior year’s ending balance for every year after the first year. Barry plans to leave the money in the account for at least 5 years. Complete the table below. Round any interest earned to the nearest penny.
3. How much does Harry have after 5 years? _____________________
4. How much does Barry have after 5 years? _____________________
Find A Friend
Find a FriendFind a Friend
Find a friend and tell them the difference between simple and compound interestFind a friend and tell them the difference between simple and compound interest
Would You Rather?
Swim in the ocean with a hungry shark...
or walk in the jungle with a hungry lion?
Notes
Simple and Compound InterestDate
______
1. What is simple interest?
• simple interest formula is:I = P x r x t
P ~ principal
• then add interest to the Principal to get total
r ~ rate t ~ time
Total = P(1 + rt)
(years)
Notes
2. What is compound interest?
• compound interest formula is:
Total = P(1 + r)t
P ~ principal r ~ rate t ~ time
• to find the interest, take the total and subtract the Principal:
I = Total P
(years)
Homework
Practice
Simple and Compound Interest
Worksheet
Equations Lesson 6.12 Simple and Compound Interest.notebook
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Closing Questions
Closing QuestionsHow do you find simple interest?
What does the P stand for in the equation? I = Prt
(I = Prt)
(Principal)
