Loans Practical Math 1

Percents to Decimal

100

What would the decimal be for 10% ?

.1 or .10

200

What would the decimal be for 55% ?

.55

300

What would the decimal be for 6% ?

.06

400

What would the decimal be for 2.5% ?

.025

500

What would the decimal be for 104.25% ?

1.0425

What is P r t

100

I borrow 1,000 from the bank and the bank gives me the money at 5% interest rate that I have to pay back in 4 years. 

What is the r or rate in decimal form.

5% -----> .05

200

I borrow 1,000 from the bank and the bank gives me the money at 5% interest rate that I have to pay back in 4 years. 

What is the P or principle?

$1,000

300

I borrow 1,000 from the bank and the bank gives me the money at 5% interest rate that I have to pay back in 4 years. 

What is the t or time?

4 years

Monthly Payback

100

I have to pay back $1000 to the bank in 2 years. What is my monthly payment?

$41.67

300

I have to pay back $6600 to the bank in 3 years. What is my monthly payment?

$183.33

500

I have to pay back $7934 to the bank in 5.5 years. What is my monthly payment?

$120.21

Total Interest

100

Loan-How much is the total interest in dollars?

$5000

Total Interest--10%

1 year term.

$500

300

Loan-How much money do I have to pay back in total?

$5000

Total Interest--10%

1 year term.

$5500

I=Pxrxt

100

Using I=P * r * t

You borrow 1000 at 4% interest for 2 years. How much is the interest?

80

200

Using I=P * r * t

You borrow 4000 at 6% interest for 3 years. How much is the interest?

720

300

Using I=P * r * t

You borrow 1000 at 4% interest for 2 years. How much is the total amount?

1080

400

Using I=P * r * t

You borrow 5000 at 9% interest for 5 years. How much is the total amount?

7250