Simple Interest

Front

What is the formula for simple interest?

Back

I=Prt

Front

What does the P in I = PRT mean?

Back

Principal

Front

What does the t represent in the simple interest formula I=Prt?

Back

Time, in years

Front

Write the decimal as a percent: 0.37

Back

37%

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

9 months is how many years?

Back

0.75

Front

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a ______.

Back

Decimal

Front

Find the simple interest earned for principal of $2,000 at an 8% rate for 5 years.

Back

$800

Front

Interest on $2,000 for 6 months at 12% annual simple interest rate?

Back

$120

Front

How to convert time in months to years for simple interest calculation? Options: divide 12 by the months, divide the months by 12, multiply 12 times the months, change the months to a decimal

Back

divide the months by 12