Simple Interest ez jones

Front

What is Simple Interest?

Back

Simple Interest is the amount of money paid or earned for the use of money over a period of time, calculated using the formula I = Prt.

Front

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

Back

The 'P' represents the Principal amount, which is the initial amount of money borrowed or invested.

Front

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

Back

The 'r' represents the rate of interest, usually expressed as a percentage.

Front

What does the 't' in the simple interest formula I = Prt represent?

Back

The 't' represents the time the money is borrowed or invested, typically measured in years.

Front

Convert 18 months to years.

Back

1.5 Years

Front

Write the decimal 0.37 as a percent.

Back

37%.

Front

Interest is when you owe ____________ than you borrowed.

Back

more.

Front

If Ivan borrowed $5 and Mason charges an instant charge of $2, how much will Ivan need to pay Mason back?

Back

$7.

Front

What is the formula for calculating Simple Interest?

Back

I = Prt.

Front

If the principal is $100, the rate is 5%, and the time is 2 years, what is the simple interest?

Back

$10.