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7th Math 4.10

Last updated over 2 years ago

7 questions

IP

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Math - [Lesson 4.10]
Teacher: Mr. Kovalik (408) 314-1092

Objective and Summary:
SWBAT calculate simple interest by using the formula I = Prt

Question 1

1.

Credit--Mr. Kovalik got his first credit card in high school. He bought A LOT of food and video games and ended up with a $950 balance. If he forgot to pay off his credit card for 3 months, how much interest would he owe if he is charged 26% per month?

"Mr. Kovalik would owe..."

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Question 2

2.

Sneaks--Alberto lent Bryan $300 to buy the newest sneakers, the Air Mancinis AP Edition. Alberto will charge Bryan a 5% monthly interest rate.
How much interest would Bryan owe if he pays back Alberto after six months?

"Bryan would owe..."

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Question 3

3.

Returns--You invest $1500 into the company Mancini Mart. The company promises to pay you 6.25% annually on a 2 year investment.

How much interest would you earn after the 2 years?

"I would earn..."

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Question 4

4.

Business--You decide to start your own business. At the bank, you decide to borrow $25,000 at an annual interest rate of 8% for 36 months.
At the end of the 36 months, what is the total amount of money you have to pay back (including all interest).

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Question 5

5.

Debt--Mr. Kovalik forgot to pay his credit card bill of $2,120. The credit card company then charged him interest of 26.98% on the balance the next month. How much extra money does Mr. Kovalik have to pay back?

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Question 6

6.

SPICY--Try if you have time (optional)

Loan--Your friend wants you to loan them money to start a new business, Pants Palace. If you lend them $500, they will pay you 0.75% interest per month for 5 years.

After the 5 years, how much interest will they pay you?
(HINT: your units of time must match)

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt

Great work! Move ahead to IXL and keep working on those skills!

Please don't move on to the Exit Ticket until the whole class does.

You can also review what interest is with the video below: 

Question 7

7.

Nest Egg--Mr. Vasquez invests $2,000 in a savings plan that pays an annual interest rate of 5.75%.
He calculates that he will earn $10,350 in interest by the end of 9 years.

Do you agree or disagree with Mr. Vasquez? Explain why and use math evidence.

"I (agree / disagree) with Mr. Vasquez because..."

CFS:
#1: Accurately identifies principal (P), rate (r), and time (t)
#2: Accurately converts units of time when necessary
#3: Calculates interest with the formula, I=Prt