We talked more about interest today. We also talked about income tax, a bit about budgets, and a few more tips about money. Some day you are going to have to spend money on boring things like furnaces and roof repairs too ;)
We tied interest questions in with the linear graphing unit by graphing interest over time. I gave you four questions.
1. Mikayla wants to take a $5000 loan. RBC will charge her 5.5% per year simple interest. List your facts, make a table of values and graph to TOTAL COST for each ear up to ten years.
2. Oliver wants to buy a dirt bike. He can get a loan from CIBC for 6.5%. If he needs $9000. Graph his INTEREST over ten years.
3. Jonah wants to build a castle with megblocks. He can get a loan from the Credit Union for up to five years. He needs $1200. Graph the TOTAL COST each year for up to five years if the interest rate is 7%.
4. Amy wants to buy a horse. It is $14,300 for the horse she wants. Amy can get a loan from the stable owner for 3%. Graph the INTEREST she owes for 5 years.
For each question, list the facts, make a table of values and graph. Label your graph and try to use as much of it as possible.
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