Simple Interest

Flashcard
•
Mathematics
•
7th Grade
•
Hard
+2
Standards-aligned
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated on the principal amount only, without compounding. It is given by the formula I = PRT, where I is the interest, P is the principal, R is the rate of interest per year, and T is the time in years.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest (in decimal), and T is the time (in years).
Tags
CCSS.8.EE.C.7B
3.
FLASHCARD QUESTION
Front
If you invest $1,000 at an interest rate of 5% for 3 years, how much interest will you earn?
Back
I = PRT = 1000 * 0.05 * 3 = $150.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What does 'Principal' mean in the context of Simple Interest?
Back
Principal is the initial amount of money that is invested or loaned, before any interest is added.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal for calculations?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 5% becomes 0.05.
6.
FLASHCARD QUESTION
Front
What is the relationship between time and interest earned in Simple Interest?
Back
In Simple Interest, the longer the time period, the more interest is earned, as interest is directly proportional to time.
Tags
CCSS.6.EE.B.6
7.
FLASHCARD QUESTION
Front
If the interest earned is $200 on a principal of $1,000 at a rate of 4%, how long was the money invested?
Back
Using I = PRT, we rearrange to find T: T = I / (PR) = 200 / (1000 * 0.04) = 5 years.
Tags
CCSS.6.EE.B.7
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