Simple Interest

Front

What is the formula for simple interest?

Back

Front

What does the P stand for in the formula for simple interest?

Back

principal

Front

This is the formula for simple interest. What does the I stand for?

Back

interest

Front

What is the principal for the problem? Options: 4.5%, 2 years, 0.045, $500

Back

$500

Front

What is the rate for this problem? Options: $2,800, 6.25%, 1 year

Back

6.25%

Front

What must you do to the rate before you can plug it into the formula? (6.25%)

Back

change it to a decimal

Front

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

Back

I = 10000 x 0.035 x 7

Front

What would be the balance in the account represented by this table?

Back

$2,500

Front

Back

$825.00

Front

Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

Back

$687.50