Simple Interest

Simple Interest

Assessment

Flashcard

Mathematics

7th Grade

Hard

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15 questions

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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 calculated using the formula: Interest = Principal × Rate × Time.

2.

FLASHCARD QUESTION

Front

What is the formula for calculating Simple Interest?

Back

The formula for calculating Simple Interest is: Interest = Principal × Rate × Time.

3.

FLASHCARD QUESTION

Front

If the Principal is $800, the Interest is $14, and the Time is 6 months, what is the Interest Rate?

Back

The Interest Rate is 3.5%.

4.

FLASHCARD QUESTION

Front

How much interest will John earn if he invests $1,000 at a simple interest rate of 3% per annum for 5 years?

Back

John will earn $150.

5.

FLASHCARD QUESTION

Front

If the Principal is $1,500 and the Interest earned is $120, what is the Interest Rate if the time is 2 years?

Back

The Interest Rate is 4%.

6.

FLASHCARD QUESTION

Front

What is the total interest earned on a starting money of $350 at an interest rate of 2.5% over 3 years?

Back

The total interest earned is $26.25.

7.

FLASHCARD QUESTION

Front

If you borrowed $43,800 and paid $4,204.80 in interest after 2 years, how do you find the Simple Interest Rate?

Back

The Simple Interest Rate is 4.8%.

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