Simple interest

SIMPLE INTEREST : SIMPLE INTEREST Simple interest is the amount paid for the use of money.

FORMULA : FORMULA I=PRT

INTEREST EQUALS : INTEREST EQUALS PRINCIPAL - the amount of money invested or borrowed RATE - in the annual interest TIME - in years

SAVINGS ACCOUNT : SAVINGS ACCOUNT You can also use the formula to find the simple interest when you deposit money in a savings account

INVESTING : INVESTING Angie has $500 in a savings account that pays 5% simple interest. How much interest will she earn in 2 years? How much interest will she earn if she withdraws the money after 9 months?

HOME IMPROVEMENT : HOME IMPROVEMENT If you borrow $5,000 at 11.5% for 3 years to make home repairs and improvements. How much will you have to pay back, including interest?

DISCOUNT & SALES TAX : DISCOUNT & SALES TAX WHEN AM I EVER GOING TO USE THIS? Knowing how to calculate discounts and sales tax will help you determine how much money you’re actually spending when you shop.

MONEY MATTERS : MONEY MATTERS A $53 racquet at Sports Galore is on sale for 20% off the regular price. What is the amount of the discount? What is the sale price ?

PERCENT OF CHANGE : PERCENT OF CHANGE When shopping for roses the originally cost was $36 dollars before Valentines Day is now on sale for $18 dollars. What is the percent of decrease of the roses? Created By:Lynn Husen & Pat Layton Maury Middle Dandridge, TN