Vocab
A "salary" payment is done in what structure?
Same number for a period of time! (usually by year)
$1000 loan acquires 5% interest in one month. How much interest do you owe?
$50
If you make $15 an hour, how much will you earn in 40 hours?
$600
Write an equation that would calculate your income:
You earn $14 an hour
T = 14H
Create an inequality to represent the following:
Imani needs to earn more than $56000 this year
T > 56000
This type of interest ALWAYS uses the original principal amount when calculating how much you owe
Simple
If a loan has 24% interest compounded daily, what interest rate does each day have? (written as a percentage!)
6.85%
If a student earned $600 working a job that pays $25 an hour, how many hours did they work?
24 hours
Write an equation that could calculate your income:
You are paid a base of $200 a week, plus $25 for each unit sold while you work.
T=200+25U
Create an inequality to represent the following:
Matthew wants to earn at least $70,000 this year.
T>70000
We use this calculation structure when a scenario calls for us to calculate when a value will be "more than" or "less than" a specific result.
Inequalities
Set up a simple interest equation for the following:
Loan: $800
rate: 18%
years: 2
Calculated: Monthly
800*.18*24
A student worked for 20 hours at a rate of $17 an hour. They also received a bonus of $10 for each sales item they sold, which they were able to sell 28 of. How much money did they make?
$620
A comic book artist earns 22% royalties on the revenue of her books being sold. Create an equation to calculate how much money she will make from revenue.
T=.22R
Matthew spends $560 on his custom art supplies, and each sells for $80. He wants to make more many selling them than he spends on supplies.
560<80P
What does APR stand for?
Annual Percentage Rate
Set up a compound interest equation for the following. You do not need to solve, just set up!
Loan: $800
rate: 16%
years: 5
Compounded: Quarterly
800(1+.16/4)^4*5
An author was paid $10,000 for the rights to her book, plus an addition 5% on the revenue generated by book sales. The books had a revenue of $2400000. How much did the author make?
$130,000
T=22H - 22h*(8/100)
Create an inequality:
Royalties on a book sale are 15% of the total revenue. The book made the bestseller list, which means it sold more than $1,000,000 copies.
T>.15(1000000)
Compound interest and Simple interest both use an "r" in their equation, but we find it in different ways. Explain the difference.
(Stover judged answer)
Solve for how much total money you'd owe after 3 years:
Compound interest
Loan: $5000
rate: 18%
years: 3
Compounded: Quarterly
$8479.41
A publicist receives 3% of all revenue from the work she publishes. Additionally, she is paid $700 up front. A recent research article published by her brought in $1600. How much revenue did the article bring in?
$30,000
You earn a base pay of $400 a week, plus $15 for each unit you sell on commission. Your work also taxes you with an income tax of 11%
T = (400+15U)-(400+15U)(11/100)
You need to make more than $2800 a month to be able to pay off your house. You make $24 an hour, and your work has 16% income tax.
2800<24H-(24H(16/100))