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Percents<br />
More interest problems:<br />
1. How much will you pay in interest on a $5000 loan for 5 years at 5.5% How<br />
much will you pay overall<br />
a. Change the percent to a decimal. 5.5% = 0.055<br />
b. Multiply the principal by the rate. $5000 x 0.055 = $275<br />
c. Multiply the interest for 1 year by 5 years. $275 x 5 = $1375<br />
d. The interest is $1375 for five years at 5.5% interest.<br />
e. The total cost of the loan is $6375.<br />
2. You would like to buy a new laptop. The cost of the laptop is $1500 with all<br />
the program software installed. You only have $500. The store offers you a<br />
loan for one year for the remainder of the money at a 8.9% interest rate. How<br />
much will you pay in interest How much will you pay overall<br />
a. How much money will the loan be for $1500 - $500 = $1000<br />
b. Change the percent to a decimal. 8.9% = 0.089<br />
c. Multiply the principal by the rate. $1000 x 0.089 = $89<br />
d. The interest is $89 for one year at a 8.9% interest rate.<br />
e. The total cost of the laptop is $1589.00.<br />
74 74<br />
<strong>Simply</strong> <strong>Math</strong> Workbook<br />
NWT Literacy Council
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