Simple Interest (7th Grade)

Front

What is the formula for calculating simple interest?

Back

I = P * r * t, where I is interest, P is principal, r is rate, and t is time.

Front

In the simple interest formula I = P * r * t, what does 'r' represent?

Back

The percent interest per year.

Front

If you borrow $1200 at an 8% interest rate for 2 years, how much total will you pay back?

Back

$1392.

Front

Calculate the interest earned on a principal of $800 at a 3.5% interest rate over 6 months.

Back

$14.

Front

If you start with $350 and earn 2.5% interest over 3 years, how much interest will you earn?

Back

$26.25.

Front

How much interest will Ailyn earn in 1 year if she deposits $300 at a 4% interest rate?

Back

$12.

Front

What is 'principal' in the context of simple interest?

Back

The amount of money borrowed or deposited.

Front

What does 'time' refer to in the simple interest formula?

Back

The duration for which the money is borrowed or invested, usually in years.

Front

If the interest rate is 5% and the principal is $2000, what is the interest earned in 1 year?

Back

$100.

Front

What is the total amount to be paid back if the principal is $1500, the interest rate is 6%, and the time is 3 years?

Back

$1890.