Five-Minute Check (over Lesson 7–7)

Main Idea and Vocabulary

Example 1:Find Interest Earned

Example 2:Find Interest Earned

Example 3: Find Interest Paid on a Loan

Example 4: Find Total Paid on a Credit Card

• principal

• simple interest

• Solve problems involving simple interest.

Find Interest Earned

SAVINGS Brandon found a bank offering a certificate of deposit that pays 4% simple interest. He has $1,500 to invest. How much interest will he earn in 3 years?

I = prt Formula for simple interest

I = 1,500 ● 0.04 ● 3 Replace p with $1,500, r with 0.04, and t with 3.

I = 180 Simplify.Answer: Brandon will earn $180 in interest in 3 years.

1. A

2. B

3. C

4. D

A. $60

B. $300

C. $450

D. $6000

SAVINGS Cheryl opens a savings account that pays 5% simple interest. She deposits $600. How much interest will she earn in 2 years?

Find Interest Earned

SAVINGS Brandon found a bank offering a certificate of deposit that pays 4% simple interest. He has $1,500 to invest. How much interest will he earn in 30 months?

Answer: Brandon will earn $150 in interest in 30 months.

I = prt Formula for simple interest

I = 1,500 ● 0.04 ● 2.5 p = $1,500, r = 0.04, t = 2.5

I = 150 Simplify.

2.5 years Write the time as years.

1. A

2. B

3. C

4. D

A. $28

B. $280

C. $2,800

D. $3,360

SAVINGS Micah opens a savings account that pays 4% simple interest. He deposits $2,000. How much interest will he earn in 42 months?

Find Interest Paid on a Loan

LOANS Laura borrowed $2,000 from her credit union to buy a computer. The interest rate is 9% per year. How much interest will she pay if it takes 8 months to repay the loan?

I = prt Formula for simple interest

Answer: Laura will pay $120 in interest in 8 months.

I = 120 Simplify.

Replace p with $2,000, r with

0.09, and t with

I = 2,000 ● 0.09 ●

1. A

2. B

3. C

4. D

A. $225

B. $1,500

C. $2,250

D. $25,000

LOANS Juan borrowed $7,500 from the bank to purchase a used car. The interest rate is 15% per year. How much interest will he pay if it takes 2 years to repay the loan?

CREDIT CARDS Alma charged a $30 handbag on her credit card with an interest rate of 8%. How much money will she owe if she has no other charges on the card, and she does not pay off the balance at the end of the month?

Answer: So, the total amount owed would be $30 + $0.20 or $30.20.

Find Total Paid on a Credit Card

I = prt Formula for simple interest

I = 0.20 Simplify.

Replace p with $30, r with 0.08,

and t with

I = 30 ● 0.08 ●

1. A

2. B

3. C

4. D

A. $45

B. $60.45

C. $64.05

D. $65.95

CREDIT CARDS Curtis charged a $60 power tool on his credit card with an interest rate of 9%. How much money will he owe if he has no other charges on the card and he does not pay off the balance at the end of the month?

End of the Lesson

Five-Minute Check (over Lesson 7–7)

Image Bank

Math Tools

Percent of a Number

Percent of Change

1. A

2. B

3. C

4. D

(over Lesson 7-7)

$120 jacket; 30% discount

$12,300 car; 5% sales tax

Find the total cost or sale price to the nearest cent.

$12 book; 8.5% sales tax

Find the percent of discount to the nearest percent. regular-priced meal: $32.50; employee meal: $13

A shirt at the store is advertised “Buy 2, Get 1 Free.” If the original price of the shirt is $12.99 and you take advantage of the special offer, what is the price you would pay per shirt, and what percent is the discount from the original price?

A hotel room costs $155 per night. What is the total cost with a 30% discount and 5.5% sales tax?

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. $36

B. $84

C. $150

D. $156

Find the total cost or sale price to the nearest cent. $120 jacket; 30% discount

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. $12,915

B. $12,685

C. $11,915

D. $11,685

Find the total cost or sale price to the nearest cent. $12,300 car; 5% sales tax

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. $10.98

B. $11.98

C. $12.02

D. $13.02

Find the total cost or sale price to the nearest cent. $12 book; 8.5% sales tax

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. 85%

B. 60%

C. 40%

D. 15%

Find the percent of discount to the nearest percent. regular-priced meal: $32.50; employee meal: $13

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. $6.49 per shirt; 50% discount

B. $6.94 per shirt; 50% discount

C. $8.66 per shirt; 66% discount

D. $8.66 per shirt; 33% discount

A shirt at the store is advertised “Buy 2, Get 1 Free.” If the original price of the shirt is $12.99 and you take advantage of the special offer, what is the price you would pay per shirt, and what percent is the discount from the original price?

1. A

2. B

3. C

4. D

(over Lesson 7-7)

A. $46.50

B. $108.50

C. $114.47

D. $190.42

A hotel room costs $155 per night. What is the total cost with a 30% discount and 5.5% sales tax?