Calculate Final Balance or Total Amount Paid
Calculate Final Balance or Total Amount Paid is a Grade 7 math skill in Reveal Math Accelerated, Unit 3: Solve Problems Involving Percentages, where students apply the simple interest formula I = Prt to find the interest earned or owed, then add it to the principal to determine the total balance or total repayment amount. This skill has direct real-world applications in banking, loans, and savings.
Key Concepts
The final account balance or total amount paid is the sum of the initial principal and the accumulated interest.
Common Questions
What is the simple interest formula?
Simple interest I = P x r x t, where P is the principal (starting amount), r is the annual interest rate as a decimal, and t is the time in years. The total balance is P + I.
How do you find the total amount paid on a loan?
Calculate the interest using I = Prt, then add the principal: Total = P + I. For example, a $1,000 loan at 5% for 3 years accrues I = 1000 x 0.05 x 3 = $150, so the total repayment is $1,150.
What is the difference between simple and compound interest?
Simple interest is calculated only on the original principal. Compound interest is calculated on the principal plus any previously earned interest, so it grows faster over time.
What is Reveal Math Accelerated Unit 3 about?
Unit 3 covers Solve Problems Involving Percentages, including percent of a number, percent change, percent error, markup, discount, and simple interest calculations.