Question

learning target: i can find simple and compound interest.
formula: principal x interest rate x time = interest

1. jess saved $18,000. she wants to put the money in a 12-month interest account. her bank offers 3.5% simple interest. how much interest will jess earn in one year?

principal | interest rate | period of time | simple interest
$18,000 | 3.5% | 12 months= __ year(s) |
a. $500
b. $540
c. $600
d. $630
hint: 2% = .02
maintaining skills
write each percent as a decimal.

1. 5% ________
2. 62% ________
3. 0.07% ________
4. 11.3% ________
5. 7.25% ________
6. 126% ________

find each missing number.

1. 3% of $6,000 is □.
2. 2.5% of $1,600 is □.
3. 2.5% of $3,500 is □.
4. 4.5% of $3,000 is □.

Explanation:

Step1: Convert time to years

12 months = $1$ year

Step2: Convert rate to decimal

$3.5\% = 0.035$

Step3: Calculate simple interest

$\text{Interest} = 18000 \times 0.035 \times 1 = 630$
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Step1: Convert 5% to decimal

$5\% = \frac{5}{100} = 0.05$

Step2: Convert 62% to decimal

$62\% = \frac{62}{100} = 0.62$

Step3: Convert 0.07% to decimal

$0.07\% = \frac{0.07}{100} = 0.0007$

Step4: Convert 11.3% to decimal

$11.3\% = \frac{11.3}{100} = 0.113$

Step5: Convert 7.25% to decimal

$7.25\% = \frac{7.25}{100} = 0.0725$

Step6: Convert 126% to decimal

$126\% = \frac{126}{100} = 1.26$
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Step1: Calculate 3% of $6,000$

$0.03 \times 6000 = 180$

Step2: Calculate 2.5% of $1,600$

$0.025 \times 1600 = 40$

Step3: Calculate 2.5% of $3,500$

$0.025 \times 3500 = 87.5$

Step4: Calculate 4.5% of $3,000$

$0.045 \times 3000 = 135$

Answer:

Simple Interest Question

D. $630$

Percent to Decimal

1. $0.05$
2. $0.62$
3. $0.0007$
4. $0.113$
5. $0.0725$
6. $1.26$

Find Missing Number

1. $\$180$
2. $\$40$
3. $\$87.5$
4. $\$135$