11.14 Simple and Compound Interest

Front

The principle in the simple interest formula I=Prt is:

Back

the amount of money borrowed or deposited

Front

Convert the rate given as a percent (%) to a ______ before using it in the simple interest formula.

Back

decimal

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

What does the "I" in the interest formula stand for? Options: Principal, Interest, Rate, Time

Back

Interest

Front

What does the "r" in the interest formula stand for?

Back

rate

Front

John deposited $2,000 into a savings account. How much will John have in his account after 7 months at a yearly simple interest rate of 3.25%?

Back

$2037.92

Front

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdrawals or deposits?

Back

9 years

Front

Write 0.37 as a percent (%)

Back

37%

Front

Dan borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back IN TOTAL after 2 years?

Back

$1392

Front

Interest earned for $2,000 at 8% for 5 years.

Back

$800